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Brazil's Braskem may buy Sunoco assets: report
January 30, 2010 / 1:58 PM / 8 years ago

Brazil's Braskem may buy Sunoco assets: report

SAO PAULO (Reuters) - Braskem (BRKM5.SA)(BAK.N), Latin America’s largest petrochemical company, may unveil as soon as Monday the purchase of U.S.-based Sunoco Inc.’s (SUN.N) petrochemical assets for about $400 million, O Estado de S.Paulo newspaper reported on Saturday, without citing a source.

The takeover is part of a plan by Braskem to increase its output capacity and become the world’s fifth largest petrochemical company, the report said.

Braskem is in talks with other U.S.-based companies and the purchase of Sunoco assets likely will be followed by other acquisitions there, Estado said.

Braskem told Estado it would not comment on the matter. Spokesmen for Braskem and Sunoco did not immediately return calls by Reuters seeking comment on the Estado report.

Braskem last week agreed to take over smaller rival Quattor SZPQ4.SA, with the help of its main shareholders state-run Petrobras (PETR4.SA)(PBR.N) and Odebrecht.

The company, which plans to issue as much as 5 billion reais ($2.65 billion) of stock to fund the Quattor purchase and overseas takeovers, is still interested in U.S. assets, its Chief Executive Bernardo Gradin said last week, without giving details.

($1=1.885 reais)

Reporting by Elzio Barreto

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