Skip to content

Petrobras, Novonor to Sell $1.5 Billion Braskem Stake

  • Share sale shapes up to be one of Brazil’s largest this year
  • Petrochemical firm’s controllers to sell their preferred stock
A Braskem SA petrochemical plant in Duque de Caxias, Brazil.

A Braskem SA petrochemical plant in Duque de Caxias, Brazil.

Photographer: Dado Galdieri/Bloomberg
Updated on

The controlling shareholders of Braskem SA are seeking to raise about $1.5 billion by selling shares in the petrochemical firm in what is expected to be one of Brazil’s largest equity offerings this year. 

State-owned oil producer Petroleo Brasileiro SA and Novonor, the industrial conglomerate previously known as Odebrecht, filed for a secondary offering to sell as many as 154,886,547 preferred Braskem shares. They can raise a combined 8.1 billion reais ($1.5 billion) based on the stock’s close on Friday. The price per share will be set on Jan. 27, according to the prospectus.