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Business

Braskem denies LyondellBasell rumors

by Alexander H. Tullo
November 6, 2017 | 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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