Brazil: Discussions Ended Lyondell Basell Won't Acquire Braskem
Lyondell Basell has ended discussions with Odebrecht concerning the potential acquisition of Braskem. The company is the controlling shareholder of São Paulo-based Braskem.
Houston/USA; London/UK — Lyondell Basell announced that it has ended talks with Odebrecht “after careful consideration” but did not elaborate further. Reuters reported in March that talks with the Brazilian conglomerate over a potential $ 11 billion deal had slowed due to issues linked to a delayed US filing and a supply contract for naphtha with Petrobras. Shares in the Brazilian petrochemical producer were down 20 % in in Sao Paulo after the decision was made public.