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Petrobras to review Adnoc’s joint bid for Braskem

Three offers so far have been presented for control of Braskem

Brazilian state-run oil company Petrobras said on Wednesday it will analyse all offers presented for petrochemical producer Braskem but believes that discussions about the potential sale of the petrochemical producer are still far from over.

Petrobras is one of Braskem’s main shareholders alongside conglomerate Novonor, which holds a controlling stake in the firm but has long looked to sell it to repay creditors after entering bankruptcy protection.

Three offers so far have been presented for control of Braskem: a joint bid from Abu Dhabi’s Adnoc and US asset manager Apollo and separate proposals from Brazilian firms Unipar Carbocloro and J&F.

Petrobras holds contractual rights to decide if it wants to buy out Novonor in the firm or exercise tag-along rights in case of a potential sale.

“We have the privilege of being the last one to have a say,” chief executive Jean Paul Prates told reporters at an event in Rio de Janeiro, adding the state-run giant would take a look at all the proposals.