PBR - Braskem surges after Unipar makes offer for majority stake

2023-06-12 10:49:03 ET

Braskem ( NYSE: BAK ) +8.6% in Monday's trading after reporting Unipar Carbocloro made a non-binding proposal to acquire control of the company from Novonor, Braskem's biggest shareholder with 50.1% of voting shares and 38.3% of total share capital.

Novonor said it will study Unipar's offer to buy 34% of Braskem ( BAK ), according to the chemical company.

To obtain a controlling stake, Unipar would launch a public offer to acquire the common shares as well as the class A and Class B preferred shares, and would launch a tender offer to acquire up to all shares traded on the New York Stock Exchange.

At an appropriate time, Unipar would negotiate with Petrobras ( PBR ), which owns 47% of Braskem's ( BAK ) voting shares and 36.1% of total share capital.

It is unclear how Brazil's CADE antitrust authority would respond to the deal, since it would make the combined company the country's sole producer of polyvinyl chloride.

More on Braskem:

• Financial and valuation comparison to sector peers
• Analysis: Braskem: Fade The M&A Optimism
• Stock price return: Up 36.5% YTD, down 37.5% in the past 12 months

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