May 24, 2018 / 1:23 PM / a year ago

Brazil's Braskem says Odebrecht denies acquisition proposal from LyondellBasell

SAO PAULO, May 24 (Reuters) - Brazilian construction firm Odebrecht SA on Thursday denied receiving a proposal from LyondellBaseel Industries NV to buy its controlling stake in Brazilian petrochemical company Braskem SA, Braskem said in a securities filing on Thursday.

Newspaper Valor Econômico reported on Thursday that LyondellBasell, in an offer to Odebrecht, valued Braskem at 41.5 billion reais ($11.42 billion).

According to Braskem, Odebrecht also said it intends to maintain its presence in the petrochemical sector and that the Brazilian conglomerate continues to seek alternatives that bring value to Braskem. ($1 = 3.6343 reais) (Reporting by Carolina Mandl; editing by Jonathan Oatis)

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