MOSCOW (MRC) -- Petrobras’s (Rio de Janeiro) minority stakes in Braskem and Deten Quimica have been excluded from Petrobras’s divestment program, according to a government decree published in Brazil’s Official Gazette last week, as per Borderless.
The decree prevents Petrobras from immediately selling its minority stake in Braskem, which had been announced this year. A new decree will be required to release the stock sale.
Petrobras’s board earlier approved a strategic plan for 2017-21 that included the divestment of all petrochemical interests.
Petrobras began negotiations with Odebrecht (Salvador, Brazil) in July to promote the revision of the terms and conditions of the Braskem shareholders’ agreement, Petrobras said in a securities filing at that time. The shareholders’ agreement dates from February 2010. Odebrecht holds 50.1% of Braskem’s voting capital and 38.3% of the total capital. Petrobras holds 47% of Braskem’s voting capital and 36.1% of the total capital.
Braskem’s shares also trade on stock exchanges in Brazil and the United States. "The revision aims to improve Braskem’s corporate governance and the corporate relationship between all of the parties," the filing stated.
As MRC informed before, in January 2016, it became known that Brazil's state-controlled oil producer Petrobras was seeking to sell its 5.8 billion Brazilian real (USD1.4 billion) stake in petrochemical producer Braskem SA. Petroleo Brasileiro SA (Petrobras) hired Brazilian bank Banco Bradesco SA as a financial adviser and started to pitch the sale to foreign investors. Petrobras owns a 36 percent stake in Braskem, Latin America's largest petrochemical producer.
Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.
Braskem S.A. produces petrochemicals and generates electricity. The Company produces ethylene, propylene, benzene, toluene, xylenes, butadiene, butene, isoprene, dicyclopentediene, MTBE, caprolactam, ammonium sulfate, cyclohexene, polyethylene theraphtalat, polyethylene, and polyvinyl chloride (PVC).
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