Braskem announces share offering, as Petrobras and Novonor divest their stakes

Industry:    

Brazilian petrochemical producer Braskem SA filed with the Securities and Exchange Commission on Friday for a share offering in which Petrobras and Novonor will sell their stakes in the petrochemical company.

The offering consists of two installments, in Brazil and in the United States, according to the filing. Petrobras and Novonor will sell 154.9 million class A preferred shares in Braskem, which may be represented by American depositary shares, totaling around 8 billion reais ($1.45 billion), on the basis of Friday’s closing price.

Last week, Petrobras announced it was expecting to sell 100% of its stake by February. The oil company has a 36.1% stake in Braskem, while Novonor, formerly known as Odebrecht, holds 38.3%.

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