(Commission File No. 1-14862 )
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ______ No ___X___
NOTIFICATION OF RELATED-PARTY TRANSACTIONS
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Parties |
Braskem S.A. (“Braskem”) and Petroleo Brasileiro S.A. (“Petrobras”)
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Relationship with the issuer |
Braskem and Petrobras are associated companies. Petrobras holds a 47.03% interest in the voting capital and a 36.11% interest in the total capital of Braskem. |
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Purpose |
Execution of an Extrajudicial Transaction between Braskem and Petrobras (“TEJ”) |
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Main terms and conditions |
(i) Recognition and settlement of commercial debits in the approximate amount of R$32 million of Braskem against Petrobras; (ii) Recognition and settlement of tax liabilities in the amount of approximately R$56 million of Petrobras against Braskem; |
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Agreement execution date |
06/28/2017 |
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Any participation by the counterparty, its partners or managers in the issuer’s decision-making process or in the negotiation of the transaction as representatives of the issuer |
Not applicable
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Detailed justification of the reasons why the management of the issuer believes the transaction was carried out on an arm’s length basis or involves adequate compensatory payment |
Braskem and Petrobras recognized their pendencies and negotiated to reach a fair resolution, which resulted in the TEJ, which settles past pendencies and avoids future litigation related to them. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 7, 2017| BRASKEM S.A. | |||
| By: | /s/ Pedro van Langendonck Teixeira de Freitas | ||
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| Name: | Pedro van Langendonck Teixeira de Freitas | ||
| Title: | Chief Financial Officer | ||
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.