Unipar Carbocloro has announced that it put forward a non-binding proposal to acquire control of Braskem.

Braskem operates in the chemical and petrochemical industry and it is the leading producer of polyolefins in Brazil. Novonor owns 38.3% of the total share capital of Braskem and the former also owns the company. The deal would value the business at around US$8.6 billion. Unipar's offer values Novonor's stake at US$3.3 billion, with the deal allowing Novonor to retain a 4% interest in the company. Unipar's proposal includes a partial payment to creditor banks and the implementation of new conditions for the remaining debt balance. Novonor might maintain an indirect minority interest in Braskem, suggesting a potential compromise between the two entities. 

Unipar is strategizing to secure controlling ownership of Braskem through a public offer encompassing common shares, as well as class A and class B preferred shares. Unipar aims to initiate discussions with Petrobras, the state-controlled energy producer that presently possesses 47.0% of Braskem's voting shares and 36.1% of its overall share capital.