Lawsuit seeks to end possible Braskem-Quattor talks

03 October 2009 02:13  [Source: ICIS news]

SAO PAULO (ICIS news)--A lawsuit was filed to halt talks that could lead to a possible alliance between Brazilian petrochemical majors Braskem and Quattor, the Rio de Janeiro justice court said on Friday.

The lawsuit was filed by Joanita Soares de Sampaio Geyer, a member of the family that controls UNIPAR, which holds a 60% stake in Quattor. State-owned energy producer Petrobras controls the remaining 40%.

In August, Braskem confirmed that it had been in negotiations with Quattor with the objective of “identifying possible opportunities for strategic alliances in their businesses.”

The market interpreted the talks as being a move for a possible acquisition of Quattor by Braskem. Quattor recently announced financial difficulties.

An acquisition of Quattor by Braskem could affect Unipar's stake.

The lawsuit named Braskem and Unipar. Petrobras, another potential player in the alliance talks, was also named.

The companies involved were not immediately available for comment.

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By: Hellen Berger
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