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
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The merger of Röhm’s Acrylic Products business unit and SABIC’s Functional Forms business has resulted in the formation of Polyvantis. This new company will offer extruded products in the forms film, sheet, pipe and rod for markets that include building and construction, transportation and aviation, electrical and electronics, automotive and home and garden.
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