Odebrecht SA is set to agree on the sale of its controlling stake in petrochemical firm Braskem SA to LyondellBasell Industries NV by mid-October, newspaper Valor Econômico reported on Tuesday.
By then, state-controlled oil company Petróleo Brasileiro SA will decide whether to include its own stake in Braskem in the deal, clearing the way for the transaction to be submitted to regulators, according to Valor.
Odebrecht owns 50.1 percent of Braskem’s voting capital. Petrobras, as the oil company is known, owns 47 percent.
LyondellBasell and Odebrecht announced in June they were in exclusive talks for Lyondell to acquire control of Braskem in a cash-and-shares deal.
Odebrecht’s stake could be worth over 21 billion reais ($5.4 billion), which would value Braskem at about 55 billion reais, Valor reported.
Representatives for Braskem, Odebrecht, LyondellBasell and Braskem did not immediately respond to requests for comment.
By Bruno Federowski
Source: Reuters
The Chemours Company (NYSE: CC), DuPont de Nemours, Inc. (NYSE: DD) and Corteva, Inc. (NYSE: CTVA) (the “companies”) today announced they have reached an agreement in principle to comprehensively resolve all PFAS-related drinking water claims of a defined class of public water systems that serve the vast majority of the United States population.
The quest to develop hydrogen as a clean energy source that could curb our dependence on fossil fuels may lead to an unexpected place — coal. A team of Penn State scientists found that coal may represent a potential way to store hydrogen gas, much like batteries store energy for future use, addressing a major hurdle in developing a clean energy supply chain.
WE Soda (London), a major producer of soda ash, said it intends to launch an IPO and apply to list its shares on the main market of the London Stock Exchange. The company, wholly owned by industrial conglomerate the Ciner Group (Istanbul, Turkey), said it is the world’s largest producer of natural soda ash.
