Braskem confirms potential acquisition is under consideration
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.