for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Energy

Odebrecht, LyondellBasell to seal Braskem deal by mid-October: paper

FILE PHOTO: The corporate logo of the Odebrecht SA construction conglomerate is pictured at its headquarters in Sao Paulo, Brazil, April 17, 2017. REUTERS/Nacho Doce

BRASILIA (Reuters) - Odebrecht SA is set to agree on the sale of its controlling stake in petrochemical firm Braskem SA BRKM5.SA to LyondellBasell Industries NV LYB.N by mid-October, newspaper Valor Econômico reported on Tuesday.

By then, state-controlled oil company Petróleo Brasileiro SA PETR4.SA will decide whether to include its own stake in Braskem in the deal, clearing the way for the transaction to be submitted to regulators, according to Valor.

Odebrecht owns 50.1 percent of Braskem’s voting capital. Petrobras, as the oil company is known, owns 47 percent.

LyondellBasell and Odebrecht announced in June they were in exclusive talks for Lyondell to acquire control of Braskem in a cash-and-shares deal.

Odebrecht’s stake could be worth over 21 billion reais ($5.4 billion), which would value Braskem at about 55 billion reais, Valor reported.

Representatives for Braskem, Odebrecht, LyondellBasell and Braskem did not immediately respond to requests for comment.

Reporting by Bruno Federowski; Editing by Jeffrey Benkoe

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up