27 February 2008 16:37 [Source: ICIS news]
HOUSTON (ICIS news)--Brazilian chemical major Braskem has closed on a deal to buy 60% of the petrochemical assets of the Ipiranga Group, the company said on Wednesday but did not disclose financial terms.
"The conclusion of this transaction represents an important step in the consolidation of the Brazilian petrochemical industry and will enable Braskem to accelerate the capture of synergies, estimated at $1.1 bn [€737,000] in net present value," said Jose Carlos Grubisich, Braskem chief executive.
Petrobras owns the remaining 40% stake in the Brazilian refiner.
Braskem's stake within the Ipiranga Group includes a 60% interest in Ipiranga Quimica, an indirect interest of 60% in Ipiranga Petroquimica and a direct and indirect interest of 62.7% in Copesul.
($1 = €0.67)
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