PBR - Petrobras considers taking control of Braskem via buyout of partner -report

2023-05-15 14:19:23 ET

Petrobras ( NYSE: PBR ) is considering acquiring control of petrochemical firm Braskem ( BAK ) by buying out its partner Novonor, Reuters reported Monday, citing Brazilian newspaper Folha de S.Paulo .

Folha said Petrobras ( PBR ) CEO Jean Paul Prates had been floating the idea in "private talks," adding the move would follow Brazil President Luiz Inacio Lula da Silva's guidance of increasing state control over strategic companies.

Braskem ( BAK ) -6.5% in midday trading, among the biggest decliners on Brazil's Bovespa stock index, and Petrobras ( PBR ) -2.4% .

The latest report comes after Braskem ( BAK ) said last week that controlling shareholder Novonor received a non-binding offer from asset manager Apollo Global and Abu Dhabi National Oil Company.

More on Petrobras:

• Financial and valuation comparison to sector peers
• Analysis: Petrobras: Always Ask Why It's Still So 'Cheap'
• Stock price return: Up 22% YTD, down 18% in the past 12 months

For further details see: