BAK - Brazil's J&F makes $2B offer for Novonor stake in Braskem - report

2023-07-12 12:50:06 ET

Braskem ( NYSE: BAK ) +3.2% in Wednesday's trading following a report from the O Globo newspaper that said Brazil holding company J&F made a 10B reais (~$2B) proposal to buy the stake held by Novonor in the petrochemical producer.

With the move, J&F joined the list of companies that have made offers for Braskem ( BAK ), which already has Unipar and a consortium formed by Apollo Global Management and Adnoc.

The value proposed by the Batista family's holding company, which provides for payment in cash, is the same as Unipar but could please the banks more by not leaving any slice for the Odebrecht family, the report said.

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