BRASKEM: Odebrecht Talks With LyondellBasell To Sell Its Stake

(RTTNews) - Brazilian construction company Odebrecht is negotiating with LyondellBasell to sell its 50.1% stake in the petrochemical company Braskem, in which it is a partner of Petrobras, which holds 47% of the company's voting capital.

In a statement to the market, Braskem states that it was communicated by Odebrecht about the negotiations still in preliminary stages, and about the exclusivity granted to LyondellBasell.

The conclusion of the transaction is subject to Brazilian corporate and regulatory approvals. The company also informed that, if the transaction is executed, the other shareholders should be granted the same conditions as those agreed with Odebrecht.

The talks between LyondellBasell and Braskem started last year. In the second half of 2017, the Wall Street Journal stated that the Dutch company had a ready offer of US$ 10 billion for the Brazilian.