Petrobras Ready to Act if Bids for Braskem Stake Move Ahead

(Bloomberg) — Brazil’s state-controlled oil company Petrobras is closely following negotiations for a majority stake in petrochemicals producer Braskem SA and will be ready to act if any of the proposals go forward, Chief Financial Officer Sergio Caetano Leite said during a press conference Friday.

Petroleo Brasileiro SA, as it is formally known, has the second-largest stake in Braskem and considers petrochemicals a strategic business because the energy transition could make motor fuels less profitable, Leite said. Petrobras has rights of first refusal for the controlling stake in Braskem, which engineering conglomerate Novonor is trying to sell.

“Petrobras opened an internal process to review this asset, to be ready in the event one of these proposals turns into a binding offer,” Leite said. “All the large integrated companies have a relevant petrochemicals division.”

There have been three bids for Braskem since May. One from Unipar Carbocloro SA, another from J&F Investimentos SA, and a third from Abu Dhabi National Oil Co. and Apollo Global Management.

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