15.11.2018 • NewsBraskemDede WillamsLyondellBasell

LyondellBasell-Braskem Deal Still Remote?

LyondellBasell-Braskem Deal Still Remote  (c) Braskem
LyondellBasell-Braskem Deal Still Remote (c) Braskem

LyondellBasell has not moved significantly closer to concluding a takeover agreement for Brazilian chemical major Braskem, remarks by the Texas-managed petrochemicals group’s CEO Bob Patel at the recent annual meeting of the Latin American Petrochemical Association in Cancun, Mexico, suggest.

Patel said management is still working to understand the Brazilian player. “There are no black or white smoke signals yet, but stay tuned," he commented.  When the plans were first confirmed last summer, the markets expected the deal that the two companies said “would create significant value” to be completed by October.

In October, however, the LyondellBasell chief said the group was still in the evaluation and analysis stage of a potential agreement with Braskem’s controlling shareholder Odebrecht to acquire its 38.3% share.

According to reports, Braskem has a market value of $11.5 billion. In August, the company’s other major shareholder, Brazilian petchems giant Petrobras, seemed to downplay reports that it might also sell its stake. Some analysts said LyondellBasell’s grab for full ownership might be worth more than $19 billion.

A takeover of Braskem would considerably boost the Houston group’s Latin American distribution network while at the same time giving it a controlling interest in the Brazilian group’s US and European polypropylene operations.

In Cancun, Patel confirmed that LyondellBasell’s ongoing shale gas-propelled expansion drive that among other projects includes the launch of 13 new PE plants between 2017 and 2019 is on track.

Whitepaper

Excellence in Pharmaceutical Distribution and The Critical Role of Good Distribution Practice (GDP)
Setting the Standard

Excellence in Pharmaceutical Distribution and The Critical Role of Good Distribution Practice (GDP)

Are you ready to elevate your pharmaceutical operations? Download our exclusive whitepaper and discover how compliance with Good Distribution Practice (GDP) is essential for the safety and integrity of pharmaceuticals.

Free Virtual Event

Vaccine Manufacturing
Bioprocess Forum

Vaccine Manufacturing

Join global experts and innovators for a two-day virtual event exploring the latest breakthroughs and best practices in vaccine manufacturing. Discover how new technologies and process innovations are shaping the future of vaccine production, safety, and scalability.

most read

Photo
28.07.2025 • NewsChemistry

VCI Welcomes US-EU Customs Deal

The German Chemical Industry Association (VCI) welcomes the fact that Ursula von der Leyen, President of the European Commission, and US President Donald Trump have averted the danger of a trade war for the time being.