BUENOS AIRES Jan 3 Argentina's stock regulator
on Friday rejected as inadequate an offer from Brazil's Braskem
, Latin America's largest petrochemical company, to
buy the roughly 30 percent of the shares of plastic maker Solvay
Indupa that are publicly traded.
Solvay Indupa is the Argentine-Brazilian unit of
Belgium's Solvay, which owns 70.59 percent of the
company. The deal would represent Braskem's first move into
production in Argentina.
In a contract signed last month, Braskem would buy the stake
held by Solvay and buy the remainder of Solvay Indupa on the
Buenos Aires stock exchange.
"The offer presented by BRASKEM S.A of $1.35 per share is in
line neither with the book value of the company, which as of
Sept. 30 was $2.81, nor with average valuations during the
fourth quarter of $3.92," Argentina's CNV market regulator said
in a statement.
The publicly traded shares of Solvay Indupa include a 16.71
percent stake held by Argentina's state pension fund, Anses.