2023-09-05 18:30:06
Norges Bank has raised its stake in the Brazilian petrochemical company above 5% braskemafter acquiring 369,500 shares of the company.
Until September 1, Norges Bank owned almost 17 million Braskem shares, the equivalent of 4.92% of the company’s capital stock. As the petrochemical company has reported to the market, its participation has now increased to over 17.3 million shares, which represent 5.03% of its capital.
Norges Bank has indicated that crossing the 5% threshold does not alter Braskem’s control or management structure. The purpose of its participation in Braskem and the purchase of new shares strictly obeys investment criteria. In addition, it has clarified that there is no shareholder agreement or contract that regulates the right to vote or to purchase and sell securities issued by the company.
Currently, Novonor (formerly Odebrecht) is the controlling company of Braskem, owning 50.1% of its capital stock. Meanwhile, Petrobras is the second shareholder, with 36.1%. In recent months, both companies have negotiated the possibility of selling their stake jointly, under the watchful eye of different investment funds.
For its part, Norges Bank also has a stake in other energy companies, such as the Spanish company Repsol. In July, it made its last move within its shareholding, raising its participation percentage to 5.042%, which makes the entity the second largest shareholder.
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