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Business
Braskem denies LyondellBasell rumors
by Alexander H. Tullo
November 6, 2017
| A version of this story appeared in
Volume 95, Issue 44
Brazilian petrochemical maker Braskem denies it is in negotiations with LyondellBasell Industries. According to the Wall Street Journal, LyondellBasell approached Braskem about a takeover deal that could value the latter at more than $10 billion. Braskem says “it was not approached by LyondellBasell with any proposal for acquisition of its shares.” Furthermore, the Brazilian conglomerate Odebrecht, which controls Braskem with a 38% stake, says it intends to keep its investment while also “working on alternatives to add value to Braskem.”
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