Petrobras assessing Braskem stake

The Brazilian state oil company Petrobras is evaluating its involvement in Braskem. Novonor, the Brazilian conglomerate, has gotten offers in recent months for its controlling interest in the petrochemical maker from the Brazilian firms J&F Investimentos and Unipar Carbocloro, as well as from the foreign firms Abu Dhabi National Oil Company and Apollo Global Management. Petrobras, which owns a minority stake in Braskem, is conducting due diligence on the firm to potentially exercise its preemptive rights to step in and buy Braskem’s shares if Novonor and an outside firm strike a deal. In a statement, Petrobras says its management has made no decision about divesting or increasing its holdings.