Two firms that own almost 75 percent of plastics and chemicals maker Braskem SA are selling their stakes in the company.
Officials with Brazilian state-owned oil firm Petrobras confirmed the move in a Jan. 6 statement on the firm's website. They added the sale will take place through secondary public offerings and is expected to take place by February.
Novonor — an industrial conglomerate previously known as Odebrecht and also based in Brazil — confirmed it was selling its Braskem stake in early December, according to Brazilian media. Petrobras owns a 36.1 percent stake in Braskem, with Novonor owning 38.3 percent.
As of Dec. 16, Novonor's stake in Braskem was worth about $3 billion, while Petrobras' was worth about $2.8 billion, according to Brazilian financial publication Valor.
Odebrecht was named in a massive corruption scandal in 2015. The firm later declared bankruptcy and first discussed selling its stake in Braskem in early 2021 in order to pay creditors.
Braskem, based in São Paulo with U.S. headquarters in Philadelphia, ranks as Brazil's largest petrochemicals firm and as one of North America's largest producers of polypropylene resin. The firm also is a major supplier of bioplastics.
Braskem employs 8,000 and posted sales of more than $14 billion in 2020.