Brazil’s Braskem in talks to create alliance with Quattor

24 August 2009 12:20  [Source: ICIS news]

Braskem in talks with QuattorLONDON (ICIS news)--Brazilian chemicals major Braskem is in talks with rival Quattor about a potential collaboration, it said on Monday.

Braskem was responding to reports that it was in negotiations to acquire Quattor.

“Braskem clarifies that despite being currently in talks with Quattor's shareholders aimed at identifying potential opportunities from a strategic business alliance, so far there is no final result nor commitment, not even preliminary, nor a deadline expected for the conclusion of these conversations,” the company in a statement to Brazil’s securities regulator.

Quattor was created in 2008 following a restructuring of Brazil’s petrochemicals industry. The company is owned 60:40 by petrochemical holding company UNIPAR and state-owned energy group Petrobras.

Petrobras also owns around a 25% stake in Braskem.

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