According to Reuters, Novonor owns a 38.3% stake in Braskem. State-owned energy giant Petrobras holds 36.1%, with the remaining 25.6% held by private investors.
The bid valued Braskem at 47.00 reais (US$9.39) per share—140% of Braskem’s closing price on May 4.
Braskem is one of North America’s largest producers of petrochemicals and conventional plastics, but also a pioneer in bioplastics development. The company produces biobased polyethylene from ethanol at Triunfo, Brazil. It has announced a similar project in Thailand and recently said it was considering a biobased polypropylene investment.