Petrobras, Novonor Pull Billion-Dollar Braskem Share Sale
- Controllers mentioned inadequate demand, price levels
- Sale was expected to be one of Brazil’s largest this year
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One of Brazil’s most anticipated equity offerings of the year fell apart at the last minute late Thursday as the controlling shareholders of Braskem SA, who were selling part of their stakes, couldn’t agree on a price with investors for the 7.2 billion reais ($1.3 billion) transaction.
Petroleo Brasileiro SA and Novonor SA decided to withdraw their offer to offload shares in the petrochemical producer due to “inadequate demand and price levels,” according to a regulatory filing, confirming an earlier Bloomberg News report.