LyondellBasell Industries NV is close to presenting a binding offer to acquire control of Brazilian petrochemical company Braskem SA, two people with knowledge of the matter said.
LyondellBasell is discussing the extension of a long-term naphtha supply contract with Petroleo Brasileiro SA (PETR4.SA) seen as pivotal to valuing Braskem, and talks between the companies are expected to finish over the next days, the sources said, asking for anonymity because talks are private.
A binding offer could be delivered as soon as the end of this month, the people said.
Once a long-term supply contract is established, LyondellBasell is expected to bid for control of Braskem, first through an offer to controlling shareholder Odebrecht SA. Odebrecht, a Brazilian conglomerate involved in the country’s widest-ever corruption probe, has been forced to sell assets over the last two years.
The offer will include cash and shares, the people added. The same value per share would be extended to Petrobras, the Brazilian state-controlled oil company, which is a minority shareholder in Braskem, as well as a supplier.
One of the people said Petrobras is still discussing whether to sell its full stake in Braskem or hold onto shares in the combined company. If concluded, the deal would create the world’s largest petrochemical company.
Odebrecht, LyondellBasell and Petrobras did not immediately respond to emails seeking comment on the matter.
By Tatiana Bautzer
Source: Reuters
Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.
Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.
Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.