Novonor buys itself time to divest Braskem in 2023
Novonor (formerly Odebrecht) reached an understanding with the banks that hold Braskem shares as a guarantee for debts of R$14 billion and gained more time to sell its stake in the Brazilian petrochemical company. The deal, whose format may change because Petrobras will have a new management team soon, was postponed to 2023 after an agreement with the creditors.In the company, which acknowledged acts of corruption after signing a plea bargain agreement in the context of the Car Wash investigation, the stake in Braskem is treated as a divestment, and the resumption of business will happen through the construction company OEC, sources close to the holding company said.The talks with the U.S.-based asset management company Apollo, which started due diligence and is the only one that placed a bid, for now, are still up. Even so, in the market, there are doubts about Novonor’s willingness to leave the company.The former Odebrecht still has a standstill agreement in effect with Banco do Brasil, Brazilian Development Bank (BNDES), Bradesco, Itaú, and Santander, which prevents the banks from executing the guarantees and taking over Braskem shares.The initial term of the agreement expired in September and was extended for 60 days, with the possibility of renewal for additional periods of 30 days if none of the parties say otherwise.Furthermore, a new agreement will be signed between Novonor and creditors when there is clarity about the format of the sale of Braskem shares.Another possibility back on the radar is the sale of the holding company’s debt guaranteed by the shares. Valor has learned that BTG Pactual, whose initial proposal to buy the debt was ruled out by the banks because of the excessive discount proposed, is trying to get back in the game.Apollo and J&F Investimentos, owner of meatpacker JBS, are in talks with Novonor and have already accessed information from Braskem.Unipar, which has just hired Novonor’s former chief financial officer Marco Rabello for the same position, placed a bid for the assets of the competitor in São Paulo, except for the polypropylene unit in Paulínia, São Paulo. The offer included an amount equivalent to R$60 per share, but the deadline expired and the company has not yet returned to the negotiating table.According to one source, the proposal that has evolved the most in recent months —Apollo’s offer to buy 100% of the Brazilian petrochemical company — displeases Novonor, Petrobras, and the creditors.The...
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