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Braskem's US Assets May Spark a Bidding War

Plastmatch Global Digest 2025-08-12 14:33:54

Braskem CEO Roberto Ramos denies plans to sell the company's core business in the United States.

According to three insiders who spoke to the media this week, several groups interested in gaining control of Brazilian petrochemical giant Braskem are likely to oppose any form of sale of the company's U.S. assets.

Brazil's "O Globo" quoted a source familiar with the negotiations as saying that Brazilian chemical manufacturer Unipar has initiated talks to acquire Braskem's polypropylene production facilities in Texas, Pennsylvania, and West Virginia, USA, for approximately US$1 billion.

According to Valor International, Braskem may consider selling assets that no longer align with its recovery strategy, including the aforementioned assets in the United States.

Progress of Sale Negotiations

Reuters reported that both Braskem and Unipar confirmed last Friday that they are in discussions regarding the sale of certain unspecified Braskem assets.

However, Braskem CEO Roberto Ramos denied plans to divest the U.S. business during a conference call with analysts on Thursday, particularly emphasizing the laboratories he referred to as "crucial" to the company's green petrochemical projects.

Ramos stated in the earnings call that these factories have historically generated strong cash flow, and any sale would need to reflect their long-term value, but he added that a sale may not be an option.

"We are not considering selling the U.S. factory," Ramos told analysts during a conference call last week. "I am against solving liquidity problems by selling assets."

When asked by Le Monde about the rumored sale and price, Ramos dismissed the figure.

“Buying American assets for $1 billion is meaningless; that’s just their annual revenue,” he said.

Ramos has previously emphasized the strategic importance of maintaining operations in the United States, including the presence of key research facilities.

According to Reuters, Braskem reiterated this position in a written statement, saying that "the U.S. plant is an integral part of Braskem's strategy" and is "crucial to strategic execution."

The bidder opposes the sale of U.S. assets.

In addition, sources who spoke to the media anonymously said that neither of the two main bidders seeking to take control of Braskem support the sale of its U.S. assets.

According to a Reuters report, Brazilian businessman Nelson Tanure opposes such divestments; other sources indicate that private equity firm IG4 Capital might also resist the sale of U.S. facilities if there is no comprehensive strategic plan.

A third source told Reuters that divesting U.S. assets would contradict Braskem's publicly stated strategic goals.

When contacted by the media, Braskem and Unipar declined to provide more information about the assets under negotiation. Representatives for Tanure and IG4 also declined to comment.

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Braskem's US Assets May Spark a Bidding War

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