Braskem con­firms po­ten­tial ac­qui­si­tion is un­der con­sid­er­a­tion

Oil and Gas - - REGIONAL NEWS -

In­dus­try ru­mours that poly­olefin player Hous­ton-based Lyon­del­lBasell, Inc. (LBI) was con­sid­er­ing the ac­qui­si­tion of poly­olefin player Braskem, Philadel­phia, Penn., were con­firmed via a mid-June joint an­nounce­ment. Brazil’s Braskem in­formed its share­hold­ers and the mar­ket that its con­trol­ling share­holder Ode­brecht S.A., had be­gun dis­cus­sions with LBI (head­quar­tered in Rot­ter­dam, The Nether­lands), for a po­ten­tial trans­ac­tion in­volv­ing the trans­fer to LBI of the to­tal­ity of Ode­brecht’s in­ter­est in Braskem. The ne­go­ti­a­tions are in a pre­lim­i­nary stage, un­der con­fi­den­tial­ity, and LBI has ex­clu­siv­ity. The com­pa­nies will need to com­plete ap­pro­pri­ate dili­gence, ne­go­ti­ate de­fin­i­tive agree­ments and ob­tain cor­po­rate ap­provals.

“Both Lyon­del­lBasell and Braskem share a strong cul­ture of op­er­a­tional ex­cel­lence and le­ga­cies of value-cre­at­ing in­no­va­tion. We be­lieve that the po­ten­tial com­bi­na­tion of Lyon­del­lBasell’s and Braskem’s com­ple­men­tary strengths, prod­uct port­fo­lios and op­er­a­tional foot­prints would cre­ate sig­nif­i­cant value for our share­hold­ers, cus­tomers and em­ploy­ees,” the com­pa­nies jointly stated.

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