Exclusive-Brazilian businessman Tanure courts banks after hatching Braskem bid with Novonor [Yahoo! Finance Canada]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
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Source: Yahoo! Finance Canada
Braskem is Latin America's largest petrochemical firm, and its controlling shareholder Novonor has been exploring a sale for years as it looks to exit bankruptcy protection and turn the page on a vast corruption scandal. Tanure is the latest bidder trying to unlock a stalemate between Novonor, the banks holding Braskem shares as collateral and state-run Petrobras, which is an influential shareholder and key supplier of the firm. In his first public comments since revealing his Braskem bid last month, Tanure said he began courting engineering group Novonor, formerly known as Odebrecht, after the Abu Dhabi National Oil Company's offer to buy its Braskem stake collapsed over a year ago. "After Adnoc withdrew their offer, I began confidential discussions with (Novonor) in absolute secrecy," Tanure wrote in response to questions. Novonor would remain a shareholder in the proposed deal, Tanure said, with the latest proposal reducing its stake from 38.3% to around 3.5%, adding: "I w
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