AlwaysFree: Brazil’s Novonor Considers Exiting Braskem

Brazilian industrial conglomerate Novonor, previously known as Odebrecht, is considering exiting its majority stake in Braskem through a secondary share offering, according to Braskem’s securities filing. Novonor previously attempted to exit Braskem by attracting bidders in a competitive merger and acquisition process. However, the attempt failed, and now, Novonor is reportedly working on a share offering. However, Braskem’s securities filing confirmed that Novonor had not reached any final decision regarding the move. The petrochemical company said it would assist Novonor in studying the possible consequences of the share offering.