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Braskem said to plan spin-off, IPO of biopolymer business

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Braskem plans to spin off its biopolymer (green plastic) business into an independent company that will have other partners and shares traded on the stock exchange in Brazil or the United States, sources say. As a result, the Brazilian petrochemical company, which still have fossil raw material as its main source, seeks to go global and unlock market capitalization.Braskem, which is controlled by Novonor (formerly Odebrecht) and Petrobras, hired Citi to draw strategic and financial investors to the project. The deal is valued at around $2 billion — the company plans to raise around $500 million, two sources familiar with the matter said.According to another source, the format of the operation, which will finance the expansion of the production capacity of bioethylene and plastic resins from renewable sources, like ethylene glycol, is expected to be defined in two or three months.Braskem intends to reach an installed capacity of 1 million tonnes of green plastic in the world by 2030, compared to the current 200,000 tonnes per year. Investments are estimated at $1 billion to $1.5 billion in this period.To accelerate the project, the petrochemical company has been talking to potential financial partners, holders of innovative technology and suppliers of renewable raw materials. Fund Advent was one of the possible investors approached by the company. The manager, which has businesses in the chemical segment, was not interested because it would have a minority stake, sources say.Two sources said that Braskem does not rule out running the project through a "special purpose acquisition company" (SPAC), taking advantage of environmental, social and governance (ESG) elements. In practice, SPAC is a listed company that does not have any asset.In Brazil, Embraer resorted to a similar operation to enable the growth of its urban air mobility company. Eve is on its way to being listed on the New York Stock Exchange (NYSE) through Zanite, a U.S.-based SPAC founded by Kenn Ricci, co-owner of Directional Aviation, one of the largest executive...

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