Brazil Agency Favors Novonor-Tanure in Possible Braskem Bid (1)

Brazil’s antitrust watchdog Cade unanimously ruled during a Tuesday session in favor of a possible future deal where Novonor would transfer control of Braskem to Nelson Tanure’s fund Petroquimica Verde Fundo de Investimentos.

• Potential transaction was approved without restrictions, rejecting a Petrobras appeal to reassess market impacts, including Tanure’s activities in the petrochemical sector
  • Regulator concluded that there was no evidence that Tanure’s company Docas operates in the port or petrochemical sectors
• NOTE: On Aug. 22 Braskem said in a filing that despite the end of the exclusivity period, Novonor remained in talks with the fund Petroquimica Verde
• NOTE: ...