Braskem Integrates the Petrochemical Assets of Petrobras and Strengthens Its
Business Strategy
New shareholders' agreement between Odebrecht and Petrobras consolidates
strategic partnership
SAO PAULO, Brazil, May 30 /PRNewswire-FirstCall/ -- Braskem
(BOVESPA: BRKM3, BRKM5, BRKM6; NYSE: BAK; LATIBEX: XBRK), the leading company
in the thermoplastic resins industry in Latin America and third-largest resin
producer in the Americas, announces the approval, by resolution of the
Extraordinary Shareholders' Meeting held this Friday, of the integration of
the interests held by Petroquisa in the capital of Copesul, Ipiranga
Petroquimica, Ipiranga Quimica and Petroquimica Paulinia. As a result of this
decision, Odebrecht, as Braskem's controlling shareholder, signed a new
shareholders' agreement with Petrobras that further reinforces the strategic
alliance between the two companies. The approval of this agreement represents
the conclusion of yet another important step in the consolidation of the
Brazilian petrochemical industry.
The petrochemical assets of Petrobras and Petroquisa that were integrated
by Braskem comprise:
-- 36.4% of the total capital of Copesul -- Companhia Petroquimica do Sul
("Copesul");
-- 40% of the total capital of Ipiranga Quimica S.A. ("IQ") and Ipiranga
Petroquimica S.A. ("IPQ");
-- 40% of the total capital of Petroquimica Paulinia S.A. ("PPSA");
The integration of the assets will allow for economies of scale, synergies
gains, enhanced investment capacity in research and development and improved
competitiveness in the petrochemical and plastics production chain. "The
conclusion of this step consolidates Braskem's position as a major competitor
in the global petrochemical industry and strengthens its strategic alliance
with Petrobras", said Braskem CEO Jose Carlos Grubisich.
With the incorporation of the equity interests, Braskem now owns 100% of
the voting and total capital in Ipiranga Quimica, Ipiranga Petroquimica and
Petroquimica Paulinia and 99.17% of the total and voting capital in Copesul.
As part of the process, Petrobras will receive common and class "A" preferred
shares in Braskem, increasing its interest in the company to 30% of the voting
capital and 23.08% of the total capital and becoming a relevant minority
shareholder.
Full Notice to the Market is available on the Company's IR website:
www.braskem.com.br/ir
SOURCE Braskem
Investor Relations, Luiz Henrique Valverde, +55 11 3576 9744,
luiz.valverde@braskem.com.br, or Luciana Paulo Ferreira, +55 11 3576 9178,
luciana.ferreira@braskem.com.br, or Silvio Nonaka, +55 11 3576 9471,
silvio.nonaka@braskem.com.br, all of Braskem
