Petrobras President Magda Chambriard stated that Braskem's corporate restructuring is well underway, with a new shareholders' agreement possible this year. The negotiations involve transferring control of the petrochemical firm from Novonor to IG4 manager, but adjustments with Petrobras are still needed. Braskem shares rose on Wednesday due to progress in the talks.
In an interview at Firjan in Rio de Janeiro on Friday (5), Petrobras President Magda Chambriard highlighted progress in discussions for a possible new shareholders' agreement for Braskem. "We have evolved in the discussion of a possible shareholders' agreement, but I cannot say that this is closed," she said. "We still have some corporate issues to adjust," she added, but expressed optimism: "We are closer than we have ever been" and expects signing by year-end.
Petrobras, holding 47% of the voting capital, is the main minority shareholder and must approve the operation. Current control is with Novonor (formerly Odebrecht), whose shares were pledged as collateral for billion-dollar loans from banks like Itaú, Bradesco, Santander, Banco do Brasil, and BNDES. Novonor and IG4 have agreed that the former controller will retain 4% of the petrochemical firm, but details with Petrobras are pending.
Creditor banks anticipate the signing of the agreement between Novonor and IG4 next week. Novonor confirmed talks but denied signing; Braskem said it is not participating in share sale negotiations; and IG4 admitted the discussions are not concluded.
This is not the first attempt: previous talks with LyondellBasell, Adnoc, Kuwait Petroleum, Unipar, and J&F failed, as did those with Nelson Tanure, who had government support.
The world's sixth-largest petrochemical company, operating in ten countries, Braskem faces a downturn in raw material prices, influx of American products, 30% factory idleness, and uncertainties from the Maceió disaster legacy due to salt mine subsidence.
In Petrobras' new business plan, announced last week, the state-owned company reinforces its interest in the petrochemical sector, with investments in raw material production at the Boaventura Complex (formerly Comperj) and expansion of a Braskem unit in Rio de Janeiro. The firm seeks greater influence over Braskem's operations without re-nationalizing it and has no plans to inject capital.