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Brazilian state-run oil company Petrobras (PETR4.SA) said on Friday it expects to sell 100% of its stake in petrochemical producer Braskem SA (BRKM5.SA) in the first quarter of 2022, but did not provide further detail on the timeframe.
Petroleo Brasileiro SA, as the company is formally known, reiterated in a statement that the move is expected to happen through a joint follow-on share offering with conglomerate Novonor.The oil giant has hired JPMorgan to manage the offer.
Petrobras had repeatedly expressed its intention to sell its 36.1% stake in the petrochemical company. Novonor, formerly known as Odebrecht, holds a 38.3% stake in Braskem.
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