Good morning! Today, we talk about the new offer for petrochemical giant Braskem. The EU’s pledge to the Amazon Fund. And more about inflation and interests.
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The bidding war for Braskem
Unipar, a São Paulo-based chemical producer, has entered the dispute for Braskem, Latin America’s biggest petrochemical group. Unipar made a non-binding offer on Saturday night to pay BRL 35 (USD 7.20) a share — all cash. The offer stands for 30 days.
By the numbers. Unipar’s bid is actually higher than the one made by U.S.-based private equity manager Apollo and Abu Dhabi National Oil Company (ADNOC). Apollo and ADNOC’s bid, presented late last year, values each Braskem share at BRL 47.
- But that offer’s fine print makes it less enticing: part of the payment will come in bonds that pay 4 percent yearly and warrants, so the amount of cash involved would be lower than that proposed by Unipar.
Why it matters. If Unipar wins the battle for Braskem, it will control the biggest petrochemical asset in South America. This...