Advertisement

If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)

ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.

ENJOY UNLIMITED ACCES TO C&EN

Business

Braskem Ownership May Shift

by Alexander H. Tullo
April 20, 2015 | A version of this story appeared in Volume 93, Issue 16

The embattled Brazilian state oil company Petrobras will not confirm reports in the local news outlet Agência Estado that it plans to sell its sizable stake in the petrochemical maker Braskem, promising instead to release the details of its divestment program as they materialize. A scandal involving bribes from contractors and other allegations has toppled Petrobras’s top managers. The company has also delayed releasing its audited 2014 financial results until later this month. In March, the company unveiled a plan to divest $13.7 billion worth of assets to strengthen its balance sheet. The company’s stake in Braskem, which includes 47% of the chemical maker’s common shares, is worth about $900 million. “The divestment portfolio is prospective because transaction developments will depend on business and market conditions,” the company says. Construction company Odebrecht controls Braskem, with just over 50% of its common shares. The potential sale isn’t the only way Braskem is getting dragged into Petrobras’s problems. The chemical maker is conducting an internal review of its contracts with the oil company.

Article:

This article has been sent to the following recipient:

0 /1 FREE ARTICLES LEFT THIS MONTH Remaining
Chemistry matters. Join us to get the news you need.