The Netherlands: Possible Transaction Lyondell Basell and Odebrecht Start Preliminary Discussions Concerning Braskem Transaction
Lyondell Basell and Odebrecht, the controlling shareholder of Braskem announced in a joint statement that they have entered into exclusive discussions regarding a potential transaction between Lyondell Basell and Braskem.
Rotterdam/The Netherlands; Sao Paulo/Brazil — The companies jointly stated that both parties shared a strong culture of operational excellence and legacies of value-creating innovation. They believe that the potential combination of Lyondell Basell's and Braskem's complementary strengths, product portfolios and operational footprints would create significant value for our shareholders, customers and employees.
Braskem's board of directors and management have been informed of the existence of these discussions. The discussions are preliminary and no agreements have been reached. Among other things, the parties will need to complete appropriate diligence, negotiate definitive agreements and obtain corporate approvals. There can be no assurance the discussions will result in a transaction or on what terms any transaction may occur. Lyondell Basell and Odebrecht did not intend to make any further comment unless and until the discussions conclude or are required by applicable law.