Brazil Petrobras wants to sell Braskem stake in 12 months

Author: Al Greenwood

2019/12/06

HOUSTON (ICIS)--Petrobras would like to sell its stake in the plastics producer Braskem in 12 months, the Brazilian state energy producer said on Friday.

Petrobras owns 36.1% of Braskem's outstanding shares and 47.0% of its voting shares.

"In the short term, Petrobras is strongly committed to divest Braskem" said Roberto Castello Branco, CEO. He made his comments during an investor conference in London. "We would like to sell Braskem maximum of 12 months."

Branco also commented about articles in the Brazilian media, which have reported that the construction company Odebrecht wants to sell its stake in Braskem in the next 36 months.

Odebrecht owns 38.3% of Braskem's outstanding shares and 50.1% of its voting shares.

"We strongly disagree with that," Branco said. "Someone who says that [one] wants to sell an asset in 36 months to me means that one does not want to sell - really does not want to sell anything."

Odebrecht said it had no comments about the reports about Braskem.

Braskem said it had no comments.

Odebrecht is operating under bankruptcy protection in Brazil. Until it emerges from protection, any sale would likely require approval from creditors and the courts.

Odebrecht had been in talks with LyondellBasell to sell its stake in Braskem. LyondellBasell called off those talks earlier this year.

Braskem makes polyethylene (PE), polypropylene (PP) and polyvinyl chloride (PVC).