Lawsuit to halt possible Quattor acquisition withdrawn

16 December 2009 23:07  [Source: ICIS news]

SAO PAULO (ICIS news)--A lawsuit aimed at halting of Brazilian petrochemical producer Braskem’s potential acquisition of polyolefins major Quattor was withdrawn, a court in Rio de Janeiro said on Wednesday.

The lawsuit had been filed by a member of the family that controls Unipar, which holds a 60% stake in Quattor. Petrobras controls the other 40%.

Joanita Soares de Sampaio Geyer, a partner at Vila Velha Administracao (a holding company with over 50% of the voting shares at Unipar) asked for the lawsuit that she filed in October to be withdrawn, according to the court. The case was scheduled to be heard on Wednesday.

According to market analysts, the withdrawal of the lawsuit could lead to further negotiations and a possible deal between Odebrecht (which controls Braskem), Unipar (which controls Quattor) and Petrobras (which holds a minority stake in both companies).

The companies involved did not offer comments regarding the decision.

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By: Hellen Berger
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