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.