LatinNews Daily - 12 June 2023

* The Brazilian petrochemical company Unipar has submitted a non-binding offer to acquire a controlling stake in Braskem, another Brazilian petrochemical giant, although the value of the acquisition has not been announced. Unipar presented its bid to one of Braksem’s major shareholders, the Brazilian construction company Novonor (formerly known as Odebrecht) and to creditor banks. As part of the proposed deal, Unipar has stated that it was willing to negotiate for Novonor to retain a minority stake in Braskem. Another major shareholder of Braskem is the state-controlled oil company Petrobras, with whom Unipar has stated that it would negotiate the terms of Braskem’s shareholder structure “at the appropriate time.” The potential acquisition would mark a major boost to Unipar’s share of Brazil’s petrochemical industry, as it is already one of the largest producers of chlorine, soda, and polyvinyl chloride (PVC) in South America, while Braskem describes itself as a leading South American producer of PVC and other thermoplastic resin materials.

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