Abstract
LyondellBasell Industries is in exclusive negotiations to buy a controlling interest in Braskem from the Brazilian conglomerate Odebrecht, the parties have confirmed. Rumors of LyondellBasell’s overtures to Braskem have surfaced periodically since last November. At the time, Odebrecht denied it was interested in selling its 50.1% stake in the firm. Last month, stories emerged in the Brazilian press that LyondellBasell was considering a transaction that would value Braskem at $11.5 billion. Brazilian state oil company Petrobras has long wanted to sell its 47% interest in Braskem. If completed, the deal will give LyondellBasell control of a smaller, Latin American version of itself. LyondellBasell calls itself the largest producer of polypropylene in North America and Europe. The firm is the biggest polyethylene maker in Europe. It also makes other petrochemicals, and it runs a refinery in Houston. It had sales of $34.5 billion and operating income of $5.5 billion in 2017.
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