Abstract
Novonor says it is evaluating a proposal from Abu Dhabi National Oil Company (ADNOC) and the private equity firm Apollo Global Management to acquire its controlling stake in the Brazilian petrochemical maker Braskem. Novonor, a Brazilian engineering and construction conglomerate formerly known as Odebrecht, owns 38.3% of Braskem’s total shares and 50.1% of its voting stock. The offer would potentially value Novonor’s stake at approximately $2.9 billion. The Brazilian state oil company Petrobras owns 36.1% of Braskem’s shares and 47.0% of its voting stock. Braskem, Latin America’s largest petrochemical maker, generated sales of $18.7 billion last year. It operates four ethylene complexes in Brazil. It also has a polyethylene joint venture in Mexico and a large US polypropylene business. Novonor faces big fines, including $2.6 billion from the US Department of Justice, for its involvement in a Brazilian corruption scandal. It has been looking to sell its Braskem stake for
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