SAO PAULO (Reuters) -Talks for Brazilian agency Novonor, previously Odebrecht, to promote a controlling stake in petrochemical firm Braskem to a fund backed by businessman Nelson Tanure proceed, regardless of the top of a 90-day unique negotiation deadline, Braskem stated in a securities submitting on Friday.
The exclusivity window has closed with out each events reaching an settlement that will exempt the fund of probably paying for damages in a lawsuit that states the agency’s salt mines have prompted sinking floor within the metropolis of Maceio and compelled evacuations.
A supply conversant in the Tanure-linked funding fund Petroquimica Verde informed Reuters that no deal can be signed till they’re sure that the environmental liabilities is not going to be transferred to the brand new companions and collectors.
Earlier this month Tanure stated in a press release to Reuters that an settlement with the entities concerned within the catastrophe was a “sine qua non (situation)” for the deal.
A second supply near the negotiations confirmed that resolving the environmental legal responsibility challenge was from day one basic to advancing negotiations with Tanure.
Novonor’s determination to proceed negotiations with Tanure retains the door open to a deal, however “sends an essential sign to banks that had been uncomfortable with the state of affairs,” the supply added.
Within the meantime, personal fairness agency IG4 Capital is working to launch a rival bid for Braskem’s controlling stake because it goals to consolidate Novonor’s financial institution debt and change it for Braskem shares, sources stated.
Shares in Braskem had been up some 2.4% within the afternoon commerce, nearly matching Brazil’s benchmark inventory index Bovespa, which gained round 2.5%.
(Reporting by Luciana Magalhaes and Gabriel Araujo. Writing by Isabel Teles. Modifying by Mark Potter and Alistair Bell)