LyondellBasell Ends Talks to Buy Brazil's Braskem

Date : 06/04/2019 @ 2:28PM
Source : Dow Jones News
Stock : Lyondellbasell Industries NV Ordinary Shares Class A (Netherlands) (LYB)
Quote : 85.72  -0.01 (-0.01%) @ 12:59AM

LyondellBasell Ends Talks to Buy Brazil's Braskem

Lyondellbasell Industries NV Ordinary Shares Class A (Netherlands) (NYSE:LYB)
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By Colin Kellaher

 

LyondellBasell Industries N.V. (LYB) on Tuesday said it has ended talks with Brazilian construction firm Odebrecht S.A. about the potential acquisition of petrochemical company Braskem SA (BRKM5.BR).

LyondellBasell, a Netherlands-based chemicals-and-polymer producer with a big presence in Houston, last June said it was in talks with Odebrecht, which controls 51% of Braskem's voting shares, about a possible deal.

LyondellBasell said that while the potential combination was compelling, the companies opted not to pursue a transaction "after careful consideration."

Brazilian state oil firm Petroleo Brasileiro SA (PBR), known as Petrobras, controls 47% of the voting shares of Braskem, which has a market capitalization of about $8 billion.

LyondellBasell said it will focus on its disciplined growth strategy and expedite its share-repurchase program. The company last week said its shareholders approved the repurchase of up to 10% of its roughly 370 million shares outstanding over the next 18 months.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

June 04, 2019 09:13 ET (13:13 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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