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Bond Market News
Braskem CEO Denies Reports on Talks with Unipar for US Assets
August 8, 2025
Brazilian petrochemicals giant Braskem SA was said to have entered preliminary talks with Unipar Carbocloro SA to potentially sell its US polypropylene plans amid weak earnings and rising debt levels. Unipar, which is South America’s top producer of chemicals and the second biggest producer of PVC, was said to view Braskem’s financial challenges as an opportunity to acquire assets, helping expand its presence in the US. Braskem’s plants in the US are in Texas, West Virginia and Pennsylvania, with the assets valued at around $1bn. However, in a latest update, Braskem’s CEO said that the company has no plans to sell its American plants.
In related news, Braskem also reported its Q2 earnings, seeing an EPS loss of $0.70, 14 cents worse than estimates, while revenue was in-line with estimates at $3.38bn. Its net debt grew to $6.8bn, equivalent to 10.6x EBITDA over the last 12 months, up from 7.98x in late-March. Meanwhile, Braskem’s dollar bonds has been under pressure for several months due to investor concerns over a potential takeover by activist investor Tanure, that could trigger a debt restructuring. The firm is also dealing with a fallout from an ongoing environmental disaster in Alagoas state.
Braskem’s stock price has closed nearly 13% lower over the past 3 months and down about 49% over the past 12 months. Braskem’s dollar bonds are trading weaker, with its 8.5% 2031s down by 3 points, currently trading at 74 cents on the dollar, yielding 15.8%.
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