Odebrecht negotiates sale of Braskem control to Dutch company LyondellBasell

06/15/2018 09:59

Braskem announced on Friday (15) that its parent company, Odebrecht SA, has begun negotiations to sell its entire stake in the petrochemical company to Dutch company LyondellBasell.

According to the relevant fact disclosed by the company to the market, “the negotiations are in a preliminary stage and LyondellBasell was granted exclusivity in the scope of the negotiations, which are governed by a confidentiality agreement.”

Braskem also informed that the conclusion of the business is subject, among other conditions, to “due diligence, negotiation of definitive agreements and obtaining corporate approvals, and there is no binding obligation between LyondellBasell and Odebrecht SA on this date.”

Braskem is currently controlled by Odebrecht, which holds 50.1% of the voting shares. Petrobras owns 47% of the voting capital of the petrochemical industry.

In October last year, the “Wall Street Journal” published a report stating that the Dutch company Lyondellbasell would have approached to buy control of Braskem.On that occasion, Odebrecht stated its intention to keep Braskem as part of the group’s investments .

The sale of Odebrecht’s stake in Braskem occurs amid the Group’s cash difficulties in the wake of the impacts of the Lava Jato operation. At the end of May, Odebrecht SA reached an agreement to receive a R $ 2.6 billion loan from the largest banks in the country and use part of the funds to pay overdue bonds from its construction company near the end of the term for the company to be declared in defaul.t

Market value on the stock exchange, Braskem is currently valued at approximately R $ 33 billion, which makes the company the 15th largest company with shares traded on B3.

 

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