SAO PAULO, Aug 8 (Reuters) - Groups vying for control of
Brazilian petrochemical producer Braskem ( BAK ) are expected
to resist a sale of its U.S. assets, three people close to the
discussions told Reuters.
Brazilian chemical company Unipar is in talks to
acquire Braskem's ( BAK ) polypropylene plants in Texas, Pennsylvania,
and West Virginia for around $1 billion, according to a report
on Thursday by Brazilian newspaper O Globo and a source familiar
with the talks.
Braskem ( BAK ) and Unipar confirmed on Friday they were discussing
the sale of unspecified Braskem ( BAK ) assets.
Shares of Braskem ( BAK ) were up about 3% and those of Unipar jumped
almost 9% on the Sao Paulo stock exchange on Friday.
However, neither of the parties vying to assume a controlling
stake in Braskem ( BAK ) are interested in selling the U.S. assets,
sources said on condition of anonymity.
Brazilian businessman Nelson Tanure, who entered a 90-day period
of exclusive talks with engineering group Novonor, formerly
known as Odebrecht, opposes the idea, one of the sources said.
Private equity management firm IG4 Capital, which hatched a
rival plan to pool Novonor's bank debt and swap it for control
of Braskem ( BAK ) once Tanure's exclusive negotiations expire this
month, would also likely oppose a sale of the U.S. plants,
without a comprehensive plan for the future, another source
said, noting that these holdings are important.
A U.S. asset sale would also run counter to Braskem's ( BAK ) stated
strategic plan, according to a third source.
Braskem ( BAK ) and Unipar declined to provide further details on the
assets. Tanure and IG4 declined to comment.
Braskem's ( BAK ) CEO on Thursday denied any interest in selling the
U.S. assets.