LyondellBasell Ends Talks to Buy Brazil's Braskem
June 04 2019 - 8:28AM
Dow Jones News
By Colin Kellaher
LyondellBasell Industries N.V. (LYB) on Tuesday said it has
ended talks with Brazilian construction firm Odebrecht S.A. about
the potential acquisition of petrochemical company Braskem SA
(BRKM5.BR).
LyondellBasell, a Netherlands-based chemicals-and-polymer
producer with a big presence in Houston, last June said it was in
talks with Odebrecht, which controls 51% of Braskem's voting
shares, about a possible deal.
LyondellBasell said that while the potential combination was
compelling, the companies opted not to pursue a transaction "after
careful consideration."
Brazilian state oil firm Petroleo Brasileiro SA (PBR), known as
Petrobras, controls 47% of the voting shares of Braskem, which has
a market capitalization of about $8 billion.
LyondellBasell said it will focus on its disciplined growth
strategy and expedite its share-repurchase program. The company
last week said its shareholders approved the repurchase of up to
10% of its roughly 370 million shares outstanding over the next 18
months.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 04, 2019 09:13 ET (13:13 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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