Acquisition Braskem Is not Allowed to buy Solvay Indupa
The Brazilian competition authority has reject Braskem's plan to acquire Solvay Indupa. However, Solvay's search for a new acquirer goes on.
Brussels/Belgium --- Solvay has taken note of the Brazilian competition authority's (CADE) decision to reject the intended acquisition of Solvay's 70.59 percent majority stake in Solvay Indupa by Brazilian chemical producer Braskem. The decision was taken during a public hearing held earlier today.
While Solvay is awaiting details of the decision, it confirms that its strategic direction remains unaffected. Solvay will, as soon as possible, examine alternative options to sell Solvay Indupa which is South America's second-largest PVC producer and fourth-largest caustic soda producer.