LyondellBasel Valued Braskem at $11.4 billion
LyondellBasell Industries has valued Brazilian petrochemical company Braskem SA at 41.5 billion reais ($11.4 billion) in an offer to Brazilian conglomerate Odebrecht SA months ago, newspaper Valor Econômico reported on Thursday. LyondellBasell made the offer in February but talks stalled in early May, the paper reported, as the conglomerate tries to refinance its debt with Brazilian lenders. The paper did not say how it obtained the information. The paper said Lyondell was being advised by Morgan Stanley, and Odebrecht by Lazard Ltd.
LyondellBasell Approaches Brazil's Braskem for Takeover-WSJ
LyondellBasell Industries NV has approached Brazil's Braskem SA for a potential takeover, valuing the petrochemicals company at more than $10 billion, the Wall Street Journal reported on Monday. The talks are at an early stage and there is no guarantee of a deal, the Journal reported, citing people familiar with the matter. LyondellBasell did not immediately respond to a Reuters request for comment. Its shares rose 6 percent to $105.03 in afternoon trading on the New York Stock Exchange.
Braskem in Talks With U.S. DOJ in Graft Case
Brazil's Braskem SA, Latin America's largest petrochemical producer, said on Monday it had entered talks with the U.S. Department of Justice and the Securities and Exchange Commission regarding an internal graft probe started in 2015. Braskem said in a securities filing that it planned to begin a parallel process with Brazilian authorities and an eventual deal could result in "material financial obligations" and other possible sanctions. The company said it could not predict the duration or result of the ongoing talks.
Alpek to Pay up to $700 mln for Petrobras' Petchem Assets
Mexico's Alpek SA de CV is expected to offer up to $700 million for Brazilian state-run oil company Petroleo Brasileiro SA's petrochemicals units in the northeastern state of Pernambuco, a source with direct knowledge of the matter told Reuters on Friday. Petrobras, as the Brazilian company is known, announced on Thursday exclusive talks with the Mexican group over the sale of PetroquímicaSuape and Citepe. The Brazilian company and Alpek will negotiate the deal for 60 days.
China's CNOOC Eyes Petrobras' Stake in Braskem
China's CNOOC Ltd is interested in purchasing a minority stake in Brazilian petrochemical company Braskem SA from state-run Petroleo Brasileiro SA, newspaper Valor said on Monday. A Petrobras source told Reuters in January the company had been receiving interest from major international chemical companies for its 36 percent stake in Braskem's total capital. Talks are still preliminary, Valor said. Representatives for Petrobras and CNOOC were not immediately available to comment on the Valor report.
Petrobras Close to Selling Braskem Stake
Brazil's state-led oil company Petroleo Brasileiro SA is on the verge of selling its stake in Brazilian petrochemical company Braskem SA and expects to complete the sale by the end of June, a Petrobras source told Reuters on Friday. Petrobras, as the company is known, has received interest from major international chemical companies for its roughly one-third share of Braskem's total capital, the source said. The source also said Petrobras has no…
Petrobras Asset Sales Will Depends on Many Factors
Petróleo Brasileiro SA, the Brazilian state-controlled firm at the center of a massive corruption investigation, said asset divestments hinged on a number of undetermined "global and external factors", as regulators questioned it over the sale of a stake in petrochemical giant Braskem SA. In a securities filing on Thursday, Petrobras, as the company is known, did not confirm whether the sale of a 36.1 percent stake in Braskem was in the offing. Braskem is the largest Latin American maker of resins. Folha de S.
Petrobras Hires Bank for Braskem Stake Sale
State-controlled oil producer Petróleo Brasileiro SA hired Banco Bradesco BBI to help sell a 36.1 percent stake in petrochemical giant Braskem SA, Folha de S. Paulo newspaper reported on Wednesday. The company, commonly known as Petrobras, wants to dispose of the Braskem stake to help raise cash from a targeted $15.1 billion in asset divestments by the end of the year, Folha reported, without citing sources. At current prices, the stake is worth 5.8 billion reais ($1.4 billion)…
Brazil's Braskem signs Naphtha Contract with Petrobras
Brazilian petrochemical firm Braskem SA said on Friday it signed a naphtha contract with state-run oil firm Petrobras, valid until the end of October. The contract continues the terms of a previous deal, but Braskem said in a statement that it continued to work with Petroleo Brasileiro SA< PETR4.SA>, as the company is formally known, to reach a long term solution regarding the supply of naphtha. (Reporting by Stephen Eisenhammer)
Braskem, Petrobras Naptha Deal Being Finalized
Brazilian petrochemical company Braskem SA said on Tuesday it was finalizing a short-term extension of its contract to buy naphtha from state-run oil company Petrobras, avoiding an interruption to operations. The contract has been under intense scrutiny after prosecutors charged executives at engineering group Odebrecht SA, Braskem's biggest shareholder, with paying bribes to Petrobras executives to secure naphtha at a price that allegedly cost the oil giant billions of dollars.
Petrobras 2009 Braskem Deal Had Issues
Brazil's state-run oil firm Petrobras confirmed on Tuesday it had found irregularities in the approval of a 2009 contract to provide naphtha to petrochemical company Braskem SA and had reported the issue to public prosecutors. Petrobras, or Petroleo Brasileiro SA, said in a securities filing that it began investigating the contract based on plea deal testimony from former executive Paulo Roberto Costa and money changer Alberto Youssef in a sweeping graft probe.
Braskem to Get New Chairman
Brazilian petrochemical firm Braskem SA said on Friday it will hold a general meeting on Aug. 4 to appoint a new chairman, after its current chairman was arrested for alleged involvement in a corruption scheme. The new chairman will be Newton de Souza. He will replace Marcelo Odebrecht, chief executive officer of construction company Odebrecht SA, who was arrested last month for alleged involvement in a kickback scheme at state-run oil company Petrobras. (Reporting by Juliana Schincariol; Editing by Lisa Shumaker)
Valor: Petrobras to Shed Braskem Stake
State-controlled oil producer Petróleo Brasileiro SA could sell a stake in Brazil's Braskem SA and build provisions against tax debts nearing 40 billion reais ($12.7 billion) to reduce costs and make finances sustainable, Valor Econômico newspaper said on Monday. The company, known as Petrobras, could dispose of the 36.1 percent it owns in Braskem if bidders show up, Valor said, without saying how it obtained the information. By exiting Braskem…
Braskem Sued in NY Court over Petrobras Scandal
A Braskem SA shareholder has sued the Brazilian petrochemical producer, accusing it of being involved in a graft scandal that has engulfed key stakeholders Odebrecht and Petrobras and led to a selloff in Braskem's U.S.-traded stock. Plaintiff Douglas W. Peters is seeking class action status for the lawsuit, filed in a Manhattan federal court on behalf of individuals or institutions that purchased Braskem's American depositary receipts between June 1, 2010 and March 11, 2015, according to court documents.
Brazil CEO Arrested in Petrobras Graft Probe
Brazilian police on Friday arrested Marcelo Odebrecht, the head of Latin America's largest engineering and construction company Odebrecht SA, and accused his family-run conglomerate of spearheading a $2.1 billion bribery scheme at state-run oil firm Petrobras. Police also apprehended Otavio Marques Azevedo, CEO of Andrade Gutierrez, Brazil's second-largest builder, as the probe into corruption at Petrobras spread to the highest level of Brazilian business.
Petrobras Shares Jump on Plans to Sell Braskem Stake
Shares in Brazil's Petrobras rose 6 percent on Monday after local media reported that the state-run oil company plans to sell a stake in petrochemicals firm Braskem SA for around 2.8 billion reais ($903 million). The report in Broadcast, the real-time news service of newspaper Estado de S. Paulo, did not name any potential buyers or say at what stage the sales process was. Neither Petroleo Brasileiro SA, as the company is formally known, or Braskem were immediately available for comment.
Braskem to Sign Revised Naphtha Contract with Petrobras
Brazil's Braskem SA , Latin America's largest petrochemical company, said on Friday it had agreed to a revised naphtha supply contract with shareholder Petrobras, staving off a threatened shutdown of its Brazilian plants. The contract with Petroleo Brasileiro SA, as Petrobras is formally known, extends the supply agreement until Aug. 31, 2015, Braskem said in a statement sent to reporters by email. It also said the revised contract will use a price retroactive to March 1, when the new agreement is expected to be signed.
Braskem CEO: Petrobras Crisis Threatens Production
Braskem SA, Latin America's largest petrochemical company, may halt production at most of its plants in March if it fails to extend a supply agreement with oil company and key shareholder Petrobras, Braskem's CEO said in a newspaper interview on Monday. Braskem's plants in Sao Paulo, Bahia and Rio Grande do Sul are dependent on naphtha supply and may need to interrupt production, said CEO Carlos Fadigas. The move would be a potentially heavy blow…
Braskem CEO Sees Brazil Plastics Demand Tracking GDP
Braskem SA, Latin America's largest petrochemical company, expects plastic resin sales in Brazil to track economic growth this year, Chief Executive Carlos Fadigas said on Thursday, amid stagnant economic activity in the country. Resin prices are unlikely to see "relevant" variation during the second half of 2014, added Fadigas. (Reporting by Priscila Jordao; Writing by Brad Haynes; Editing by Meredith Mazzilli)
