BAK - Braskem denies commitment to spinoff or IPO of biopolymers unit

Braskem (BAK +1.8%) says it has "no commitment or obligation" to any transaction involving a potential spinoff or IPO of its biopolymers division. The company was responding to a report from Brazil's Valor Economico that the unit is seeking to raise ~$500M via a spinoff into a new independent company with shares traded in Brazil and/or the U.S., and said the "green plastic" division would be valued at $2B. Braskem also says it will consider partnerships to reach 1M metric tons in producing capacity at the biopolymers division by 2030. Braskem's investment in an advanced recycling technology by Nexus Circular shows the company's commitment to fulfill its ESG goals, Stella Mwende writes in a bullish analysis posted on Seeking Alpha.

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Braskem denies commitment to spinoff or IPO of biopolymers unit