Brazil's Braskem says Novonor considering secondary share offering

Reuters
·1 min read

RIO DE JANEIRO, Dec 1 (Reuters) - Brazilian industrial conglomerate Novonor is considering exiting its majority stake in petrochemical company Braskem SA via a secondary share offering, Braskem said in a securities filing late Wednesday.

Novonor, formerly known as Odebrecht, had previously organized a competitive merger and acquisition process in an attempt to attract bidders for its stake in Braskem. After that process failed, various media outlets, including Reuters, reported that Novonor was planning to exit Braskem via a share offering.

In the latest filing, Braskem said it had received correspondence from Novonor indicating that the company was considering a secondary share offering, though no final decision had been reached.

Braskem added that it would assist Novonor in carrying out studies regarding the possible consequences of the share offering.

(Reporting by Gram Slattery; Editing by Rashmi Aich)