Nelson Tanure Courts Banks for Braskem Bid With Novonor as Petrobras Seeks Greater Influence Amid Debt Restructuring

Brazilian businessman Nelson Tanure has initiated discussions with key banks to support his bid for the petrochemical company Braskem, aiming to finalize a deal within the year. The bid involves collaboration with Novonor and seeks to increase the influence of state-controlled oil giant Petrobras in Braskem's operations, though Petrobras has stated it does not intend to re-nationalize the company. The contest for advisory mandates related to Braskem's restructuring has seen competition between financial firms Rothschild and Houlihan Lokey. With a potential change in control, Braskem is expected to undergo a debt restructuring. Meanwhile, the Brazilian government has acknowledged the possibility of leveraging Petrobras as a tool to increase revenue, amid concerns that government spending is impacting major firms including Petrobras, Vale, and Ambev.