Citing a securities filing, Reuters notes that the Unipar proposal also includes the possibility of Novonor continuing to hold an indirect minority stake in the petrochemical firm. Participation by Petrobras, which holds 47.0% of Braskem’s voting shares and 36.1% of all shares, in the new ownership structure will also be negotiated at a future date. Unipar’s offer is estimated to be worth $2.05 billion.
“Our proposal provides for a balance between the interests and needs of Novonor, Petrobras, minority shareholders and creditor banks of Braskem,” Bruno Uchino, Unipar’s board chairman, said in a press release.
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.