Odebrecht denies agreement to sell stake in Braskem

Odebrecht denies agreement to sell stake in Braskem

M&A Debt Equity Regulation Brazil

Brazil's Odebrecht has denied that it has an agreement in place to sell its stake in the petrochemical company Braskem. The local financial newspaper Valor Econômico reported earlier this week that creditors had given Odebrecht three years to sell its shares in Braskem. In return, the construction company, which filed for bankruptcy in June, would receive BRL1 billion ($238 million) in dividends from Braskem in four annual installments of BRL250 million each. Odebrecht, however, told Braskem tha

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