LyondellBasell mulls over acquisition of Brazil’s Braskem
The US-based LyondellBasell is reportedly planning to expand its ventures across South America through the estimated $10 billion takeover plan.
Following the publication of the news, LyondellBasell’s stock prices grew by 1% while Braskem’s rose 11%.
However, Braskem would need to receive its largest shareholder’s approval in order to further the negotiations, the media reported.
The largest shareholder Odebrecht, which owns 38.3% of the company’s total capital, has stated its intention of keeping the company within the group.
Neither of the companies would disclose information on the proposed takeover, which is reported to be in early stages of negotiation, at the time of press.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops
- Tight supply keeps expectations bullish in Turkey’s PVC market
- End of China’s ‘zero-COVID’ stance: Double-edged sword for Asia PVC, PP and PE markets
- Mid-Eastern sellers approach China, SE Asia and Turkey with firmer PP, PE prices for Jan