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LyondellBasell in exclusive talks to acquire Braskem
HOUSTON, June 15, 2018 (PCW) -- LyondellBasell and Odebrecht, the controlling shareholder of Braskem, issued a joint statement today that they have entered into exclusive discussions regarding a potential transaction between LyondellBasell and Braskem.
We believe that the potential combination of LyondellBasell's and Braskem's complementary strengths, product portfolios and operational footprints would create significant value for our shareholders, customers and employees, the statement read, adding that the discussions are preliminary and no agreements have been reached.
Braskem notified its shareholders that the discussions involve a transfer of Odebrecht's stake in Braskem to LyondellBasell.
If a transaction is concluded, "the same conditions agreed with Odebrecht SA will be guaranteed to all other Braskem shareholders," the company said in a statement.
LyondellBasell posted 2017 revenues of $34.5 billion and is the second largest producer of polypropylene (PP) globally, with capacities of 3.9 billion lbs/yr in North America and 5.7 billion lbs/yr in Europe.
The company reports a North American ethylene capacity of 11.8 billion lbs/yr, integrated with PE capacity of 6.4 billion lbs/yr.
Braskem reported 2017 revenues of R58 billion (approximately $15 billion), with total polyolefins sales of 6.6 million mt (15 billion pounds), including North America/Europe PP sales of 2.1 million mt (4.6 billion pounds). -- David Barry