Brazilian businessman Nelson Tanure has retained Rothschild & Co. to assist in bank negotiations crucial to his bid to acquire a controlling stake in Braskem, Latin America’s largest petrochemical company. The move signals progress in Tanure’s efforts to finalize a complex acquisition process involving multiple stakeholders.
Negotiations for Controlling Stake in Braskem
In late May, Tanure submitted a proposal to purchase conglomerate Novonor’s controlling interest in Braskem. The offer led to exclusive discussions between Tanure and Novonor as they evaluate the terms of a potential agreement. Novonor currently holds a significant share in Braskem, but many of these shares are pledged as collateral for its outstanding debts.
Talks Involve Multiple Financial Institutions
To proceed with the deal, Tanure must negotiate with banks that hold Braskem shares as loan collateral tied to Novonor’s debt obligations. These financial institutions play a key role in the transaction structure and will need to approve any transfer of ownership.
Petrobras Also a Key Stakeholder
Brazilian oil company Petrobras, Braskem’s second-largest shareholder, is another important party in the ongoing negotiations. Tanure has indicated that he intends to offer Petrobras an expanded role in Braskem’s future operations while retaining Novonor as a minority shareholder.
Limited Details on Bid Terms
While specific financial terms of Tanure’s bid have not been publicly disclosed, the businessman recently told Reuters that preliminary talks with banks and key stakeholders have already begun. Tanure and Rothschild have both declined to comment further on the matter.
Rothschild’s Role Confirmed
Rothschild’s engagement as Tanure’s advisor was first reported by Brazil’s O Globo newspaper. The advisory firm is now assisting with the complex financial negotiations required to advance the acquisition process.
Tanure’s pursuit of Braskem marks another high-profile effort in his history of investing in companies undergoing financial restructuring. As negotiations continue with Novonor, banks, and Petrobras, the outcome of this deal could reshape ownership of one of Latin America’s most important petrochemical firms.