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Business

Braskem to buy out Politeno

April 10, 2006 | APPEARED IN VOLUME 84, ISSUE 15

Braskem has agreed to acquire the stakes in Brazilian polyethylene maker Politeno owned by Suzano Petroquímica, Sumitomo Chemical, and Itochu Corp. The deal will give Braskem, which already owns 35% of Politeno, full ownership of the firm's voting shares. The purchase price will be based on the average difference between polyethylene and ethylene prices over the next 18 months, but Braskem will make an initial payment of $111 million for the business. The deal will give Braskem full control of Politeno's 360,000 metric tons per year of polyethylene capacity in Camaçari. Braskem currently has 870,000 metric tons per year of polyethylene capacity. Separately, Brazilian state oil company Petrobras has declined its option to increase its stake in Braskem from 10% to 30%.

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