Commodities
Petrobras Waits on Offers From Braskem’s Other Suitors, CEO Says
- Brazilian oil producer could exercise rights for Braskem stake
- Petrobras and Adnoc have ‘other things’ apart from Braskem
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Brazilian state-controlled oil producer Petrobras is waiting for other companies to make bids for a stake in petrochemicals producer Braskem after Abu Dhabi National Oil Co. pulled out of the running.
Petroleo Brasileiro SA, as it is formally known, could also exercise preferential rights for the stake, Chief Executive Officer Jean Paul Prates said in Houston on Monday. Shares in Braskem SA tumbled earlier in the day after Adnoc dropped its bid for a stake in the Brazilian chemicals giant, a development that signals the stop-and-start sales process will drag on even longer.