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Petrobras may not sell Braskem share, could add to stake, CFO says

Aug. 16, 2018 4:18 PM ETPetróleo Brasileiro S.A. - Petrobras (PBR) StockPBR, BAK, LYBBy: Carl Surran, SA News Editor
  • Petrobras (NYSE:PBR) may abandon plans to sell shares in Braskem (NYSE:BAK) and could even double its stake in the company it views as a natural hedge for oil prices, CFO Rafael Grisolia tells Bloomberg.
  • PBR is reassessing its petrochemicals strategy after having put its $4.3B real ($1.1B) stake in BAK up for sale in 2016 as part of a wider divestment plan, but asset sales now are less urgent thanks to higher oil prices, cost cuts and success at reducing debt, Grisolia says, adding that the company will meet its leverage targets for 2018 even if its planned sales do not happen.
  • Brazil construction conglomerate Odebrecht, which owns a controlling stake in BAK, is in talks to sell its shares to LyondellBasell (NYSE:LYB), and Grisolia says PBR's options include selling its stake to LYB along with Odebrecht, retaining its shares, or exercising preferential rights to buy Odebrecht’s stake.

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