Braskem jumps on report Petrobras favors Apollo-Adnoc offer [Seeking Alpha]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
Company Research
Source: Seeking Alpha
Brazil's Globo News reported Petrobras ( PBR ), which owns 36% of Braskem ( BAK ), told Brazilian President Luiz Inacio Lula da Silva that it prefers the bid by Apollo ( APO ) and Adnoc for Braskem because of the group's investment capacity and knowledge of the sector. Engineering and construction company Novonor is trying to sell its 38% stake in Braskem ( BAK ), and Petrobras ( PBR ) has the right of first refusal to buy the stake. Separately, Energy Minister Alexandre Silveira told Bloomberg in a weekend interview that Petrobras ( PBR ) must settle a dispute involving billions of reais in back taxes with Brazil's government to show it has a duty to the country and not only to its private investors. Petrobras ( PBR ) owes more than 100B reais in back taxes due to its failure to pay levies on imports, remittances abroad and past profits, according to the report, which cited three government officials. Brazil Finance Minister Fernando Haddad and Petrobras ( PBR ) CEO Jean Pau
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