LyondellBasell mulls over acquisition of Brazil’s Braskem

According to media reports, LyondellBasell is mulling over a possible 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.