Novonor Gets Unipar Offer for Controlling Stake in Braskem
- Company would own 34.4% of Brazilian petrochemicals producer
- Novonor would maintain a minority stake in Braskem under deal
The Braskem petrochemical plant in Duque de Caxias, Brazil.
Photographer: Dado Galdieri/BloombergThis article is for subscribers only.
Braskem SA’s stocks and bonds gained after fellow Brazilian company Unipar Carbocloro SA offered to acquire a 34.4% stake in one of the world’s top petrochemicals makers for 10 billion reais ($2 billion).
Unipar Carbocloro SA, the largest producer of chlorine and caustic soda in South America and the second biggest producer of PVC, is looking to acquire a controlling stake in Braskem SA from Novonor SA, one of the Sao Paulo-based petrochemical’s shareholders. The offer would compete with an attempt by Abu Dhabi National Oil Co. and Apollo Global Management to acquire control of Braskem.