Petrobras says hires JPMorgan as adviser to sell Braskem stake By Reuters



© Reuters. FILE PHOTO: The brand of Brazil’s state-run Petrobras oil firm is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker

By Carolina Mandl and Tatiana Bautzer

SAO PAULO (Reuters) – Brazilian state-run oil agency Petroleo Brasileiro SA stated on Thursday it has employed JPMorgan Chase & Co (NYSE:) as adviser to promote its stake in petrochemical firm Braskem SA (NYSE:), confirming an earlier Reuters report.

Earlier on Thursday, Petrobras executives stated in a convention name with buyers that it had employed advisers to promote its stake in Braskem, with out elaborating.

Brazilian conglomerate Novonor, previously referred to as Odebrecht, resumed the sale of its controlling stake in Braskem in April, however thus far it has not discovered a purchaser.

Nonetheless, Morgan Stanley (NYSE:), Novonor’s adviser, has acquired bids for a few of Braskem’s property. The corporate has vegetation in Brazil, Mexico and in the USA.

Given the complexity of promoting models to totally different patrons, Petrobras has determined to rent an adviser to research potential offers.

Petrobras, which can also be all in favour of promoting its stake within the firm, has favored a sale by way of a share providing, however Novonor, as a controlling shareholder, prefers an acquisition as a result of it seeks a premium for its voting shares.

Two years in the past, a deal to promote Braskem to LyondellBasell Industries (NYSE:) BV failed as Braskem confronted environmental issues associated to its mining actions within the northeastern metropolis of Maceio.

Disclaimer: Fusion Media want to remind you that the info contained on this web site is just not essentially real-time nor correct. All CFDs (shares, indexes, futures) and Foreign exchange costs should not offered by exchanges however somewhat by market makers, and so costs might not be correct and should differ from the precise market value, which means costs are indicative and never applicable for buying and selling functions. Due to this fact Fusion Media doesn`t bear any accountability for any buying and selling losses you would possibly incur because of utilizing this knowledge.

Fusion Media or anybody concerned with Fusion Media is not going to settle for any legal responsibility for loss or injury because of reliance on the data together with knowledge, quotes, charts and purchase/promote alerts contained inside this web site. Please be absolutely knowledgeable relating to the dangers and prices related to buying and selling the monetary markets, it is without doubt one of the riskiest funding types attainable.





Source link