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Petrobras, Novonor Pick Banks for $1.5 Billion Braskem Share Sale

  • JPMorgan, Morgan Stanley, Citi, Bradesco among banks chosen
  • Shareholders planning to sell stake valued at $1.5 billion

The controlling shareholders of Braskem SA, one of the world’s top petrochemical makers, have picked banks to unload a roughly $1.5 billion stake in the firm, people familiar with the matter said.

Novonor -- previously known as Odebrecht -- and oil giant Petrobras are working with JPMorgan Chase & Co., Morgan Stanley, Banco Bradesco BBI, Banco Itau BBA, Citigroup Inc., UBS BB Investment Bank, Banco BTG Pactual SA and Banco Santander Brasil SA on the transaction, the people said, asking not to be identified discussing confidential information. The goal is to sell the shares by the end of January.