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Non-Tech : The Brazil Board

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From: Julius Wong	6/12/2023 6:48:35 PM
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Braskem surges after Unipar makes offer for majority stake Jun. 12, 2023 10:49 AM ET Braskem S.A. (BAK) PBR By: Carl Surran, SA News Editor 4 Comments Joa_Souza/iStock Unreleased via Getty Images Braskem (NYSE: BAK) +8.6% in Monday's trading after reporting Unipar Carbocloro made a non-binding proposal to acquire control of the company from Novonor, Braskem's biggest shareholder with 50.1% of voting shares and 38.3% of total share capital. Novonor said it will study Unipar's offer to buy 34% of Braskem ( BAK), according to the chemical company. To obtain a controlling stake, Unipar would launch a public offer to acquire the common shares as well as the class A and Class B preferred shares, and would launch a tender offer to acquire up to all shares traded on the New York Stock Exchange. At an appropriate time, Unipar would negotiate with Petrobras ( PBR), which owns 47% of Braskem's ( BAK) voting shares and 36.1% of total share capital. It is unclear how Brazil's CADE antitrust authority would respond to the deal, since it would make the combined company the country's sole producer of polyvinyl chloride.

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