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Bond Market News
Petrobras to Sell Braskem Stake
August 6, 2021
Brazil’s state-owned oil company Petrobras has agreed to sell its 36.1% stake in the petrochemical firm Braskem SA. Petrobras hired JPMorgan Chase & Co as an advisor for the sale. Petrobras and Brazilian conglomerate Novonor, previously known as Odebrecht, have been in talks for the past few years about selling their respective Braskem stakes. Petrobras previously announced plans of an exit in December 2020 as part of a $25-35bn divestment programme for 2021-2025 in a move to exit non-core industries. As per Reuters, while Petrobras prefers to sell its stake via a share offering, Novonor, the controlling shareholder prefers an acquisition by a buyer that can pay a premium for its voting rights. This comes after Novonor resumed the sale of its controlling Braskem stake in April, but has not found a buyer yet.
Petrobras USD bonds were trading stable with its 5.229% 2025s trading at 112.25, yielding 1.65%
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