Brazil’s Petrobras wants to share management of Braskem, says CEO

 (Reuters) – Brazil’s state-run oil company Petrobras (PETR4.SA), opens new tab wants a partner to share the management of petrochemical producer Braskem (BRKM5.SA), opens new tab, said the oil firm’s Chief Executive Jean Paul Prates on Tuesday.

Braskem is controlled by Novonor (ODBES.UL), formerly known as Odebrecht. In November, Abu Dhabi oil company ADNOC (ADNOC.UL) presented an offer to buy Novonor’s stake.

Petrobras, however, could use preference rights to buy Novonor’s stake, or tag along in the ADNOC deal and also sell its stake, but according to Prates those are not the preferred outcomes for the state-run firm.

“The intention is clearly to not exercise the preference rights, it is really to have a partner that we can work together with,” he told journalists at the sidelines of an event in Petrobras research center in Rio de Janeiro.

Petrobras holds 36.1% of Braskem’s total capital and 47% of its voting capital, while Novonor holds 38.3% of the total capital and 50.1% of voting capital.