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.

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