Unipar makes an offer to buy Braskem

Unipar informed that the negotiations with Novonor and with its creditor banks holding mortgages on the potential operation involving the control of Braskem have evolved.

The company sent a non-binding proposal to Novonor, which contemplates the partial payment of creditor banks, as well as new conditions for the remaining debt balance, and the possibility of Novonor continuing with an indirect minority stake in Braskem.

“Under the structure currently intended for the operation, the company will launch a public offer for the acquisition of shares by disposal of control of Braskem for the acquisition of common shares and class A and class B preferred shares owned by Braskem’s minority shareholders and a tender offer for the acquisition of up to all of the class A preferred shares represented by ADRs and listed on the New York Stock Exchange, under the same terms and conditions as were lastly negotiated with the parties involved in the transaction and subject to the applicable legislation and regulations”, explained the statement from Unipar.

Unipar stated that at the appropriate time it will negotiate its stake with Petrobras, to the satisfaction of all parties involved, which may eventually include the renegotiation of the current shareholders’ agreement, among other relevant aspects, for its adequacy to Braskem’s new capital structure .

“The operation should involve negotiation of the binding documents, carrying out an audit at Braskem, approval by the competent authorities, approval by the creditor banks, among others. Additionally, if there is still an open question about the geological damage in Alagoas, the company expects to have the final negotiation of a solution, to the satisfaction of all public officials and aggrieved parties,” the statement concluded.