By Jeffrey T. Lewis

SÃO PAULO--Braskem said early Wednesday morning that its biggest shareholder, Novonor, informed the Brazilian petrochemical company that it had received an offer from a pair of potential buyers for its stake in Braskem.

Units of Apollo Global Management and Abu Dhabi National Oil Com. offered Novonor and its creditor banks 47 reais per share, the equivalent of $9.42, Braskem said. The offer included BRL20 cash per share, another BRL20 per share in debt issued by the offerers and BRL7 per share in the form of warrants.

Novonor, formerly known as Odebrecht, owns 38.3% of Braskem's total capital, while Petróleo Brasileiro, or Petrobras, owns 36.1%. The offer is dependent on the evaluation and negotiations with Petrobras, said Braskem. The chemical company added that it isn't involved in negotiations with Novonor or Petrobras regarding the sale of their stakes.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

May 10, 2023 08:24 ET (12:24 GMT)

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