October 31, 2017 / 11:19 AM / a year ago

Brazil's Braskem denies report of LyondellBasell takeover offer

SAO PAULO, Oct 31 (Reuters) - Brazilian petrochemical producer Braskem SA on Tuesday denied reports that LyondellBasell Industries NV had approached it with a takeover offer.

In a securities filing, Braskem said its controlling shareholder Odebrecht SA has reaffirmed its intention to keep the petrochemical company in its portfolio.

The Wall Street Journal reported on Tuesday that an approach by LyondellBasell had valued Braskem at more than $10 billion. (Reporting by Bruno Federowski; editing by Jason Neely)

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