Braskem acquires Quattor and prepares for international expansion
Braskem announces the completion of negotiations for the acquisition of Quattor through an Investment Agreement signed between Odebrecht, Petrobras, Braskem and Unipar. The agreement will allow Petrobras to consolidate its main petrochemical assets in Braskem, which will remain as a private company of open capital and will increase its ability to compete globally.
The consolidation of the assets to Braskem will position it as the largest company in the Americas in the thermoplastic resin capacity (PE, PP and PVC), placing it in a new level of scale and efficiency to meet the challenges of the international market. Listed on 3 grants (BM & FBovespa, and NYSE) stock exchanges, the company is replaced by annual revenues from R$ 26 billion. With integration between 1st and 2nd petrochemical generation, its 26 plants located in five states (São Paulo, Rio de Janeiro, Rio Grande do Sul, Bahia and Alagoas) will have the capacity to process 5.5 million tons/year of resins.
"The establishment of the first and second petrochemical generations, which are intensive in capital, creates the conditions for the Brazilian player that is one of the most challenging and competitive global industries, the market for thermoplastic resins. Furthermore, it allows the investment needed to meet the growing national economy", says Bernardo Gradin, president of Braskem. "The creation of a company with global business and vocation is in line with the growing role of Brazil in the international market", he adds.
The transaction is valued at R$ 700 million, including the figures for the acquisition of companies Polibutenos and Unipar Comercial by Braskem, which will also take commitments of Unipar along witho BNDESPar.
Additionally, an Association Agreement signed among Petrobras, Odebrecht and Braskem gives Braskem the right of first refusal to participate as a member of the projects of the Petrochemical Complex of Rio de Janeiro - Comperj - and Petrochemical Complex of Suape in Pernambuco. These projects, already underway, will increase significantly the supply of basic petrochemicals in the country, as well as the one of resins.
Among the steps of the operation, they provided: (1) the creation of a holding company in which Odebrecht and Petrobras transferred their actions and realize capitalization of R$ 3.5 billion, (2) there is an increase of capital at a Braskem value between R$ 4.5 and R$ 5 billion by the current shareholders of Braskem, once Petrobras and Odebrecht would take part, through the holding company created, with the R$ 3.5 billion contributed in step (1), (3) acquisition by Braskem of Quattor shares held by Unipar and other shares of Unipar, (4) the incorporation by Braskem shares of Quattor owned by Petrobras.
The capital increase will strengthen the company's structure allowing greater financial flexibility to continue its program of investment and internationalization.
According to the president of Braskem, with the integration of modern and competitive plants, the complementary geographic diversification (units in five states) and raw materials (naphtha, ethane, propane, HLR, propylene refinery and ethanol), Braskem will have gains of scale, flexibility and operational efficiency.
The Investment Agreement will be referred to the assessment of CADE, the Administrative Council of Economic Defense, with the offer of a voluntary of an Agreement for the Reversibility of Operation - APRO.
Gradin said that Braskem will continue its internationalization project, combining vocation for growth with the capacity to invest and compete globally. "We will have a positive impact on the close relationship with our customers through greater integration in the supply chain, access to services of high added value, innovative and consistent investments in research and development".
The company will maintain the highest standards of corporate governance prevailing in the international market, based on: transparency and independence of executive management; search for consistent results for shareholders; commitment to improving the competitiveness of the productive chain and the promotion of sustainable development.
