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Braskem says Odebrecht denies acquisition proposal from LyondellBasell




By Reuters

Petroleumworld 05 25 2018

Brazilian construction firm Odebrecht SA on Thursday denied receiving a proposal from LyondellBaseel Industries NV to buy its controlling stake in Brazilian petrochemical company Braskem SA, Braskem said in a securities filing on Thursday.

Newspaper Valor Econômico reported on Thursday that LyondellBasell, in an offer to Odebrecht, valued Braskem at 41.5 billion reais ($11.42 billion).

According to Braskem, Odebrecht also said it intends to maintain its presence in the petrochemical sector and that the Brazilian conglomerate continues to seek alternatives that bring value to Braskem.

$1 = 3.6343 reais

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Reporting by Carolina Mandl; editing by Jonathan Oatis from Reuters. /
05 24 2018

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