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Brazilian oil major Petrobras said via an exchange filing that it expects to offload its stake in petrochemical company Braskem by February. Petrobras currently owns 36.1% of Braskem and 47% of the voting capital, while Novonor (formerly Odebrecht) owns 38.3% of Braskem with 50.1% of voting shares. Both Petrobras and Novonor plan to sell their preference shares in Braskem through a follow-on offering, the exchange filing said. The two companies have hired Bradesco BBI, Itau BBA, Citi, UBS BB, BTG Pactual and Santander to coordinate on the deal that could be worth BRL 8.3bn ($1.47bn) for 20% of Braskem, press said as per Latin Finance. As part of the deal, Braskem is expected to list its shares on the Novo Mercado segment of the B3 stock exchange in Sao Paulo.
Petrobras’ 5.6% 2031s traded steady 104.625 yielding 4.94% while Braskem’s 4.5% 2030s traded at 103.5 yielding 3.99%.
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