Brazil's Novonor resumes sale of petrochemical producer Braskem

By Reuters5 days ago

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By Tatiana Bautzer

SAO PAULO, April 8 (Reuters) - Brazilian engineering group Novonor, formerly known as Odebrecht SA, said on Thursday it had resumed contacts with bidders to sell its controlling stake in petrochemical producer Braskem SA.

Proceeds of the sale will pay the conglomerate's creditors, mainly the largest banks, as set forth in agreements with creditors within the bankruptcy protection process.

Novonor paused discussions with Lyondell Basell Industries NV LYB.N over the Braskem sale two years ago, when Braskem was under fire for environmental problems related to its mining activities in the northeastern city of Maceio.

Novonor said in its statement it is “working to execute the agreements with its creditors and proceeding with the Braskem sale process, reaching out to potential bidders for its 38.3% stake in the company, equivalent to a 50.1% voting stake“.

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