22 January 2010 13:54 [Source: ICIS news]
A Braskem spokesman would not confirm the deal but the company has sent out invitations to a conference call timed for 11:00 ?xml:namespace>
State-controlled oil company Petrobras, which owns major stakes in both firms, said last week that negotiations on the widely expected deal were progressing.
The combined chemicals group would have annual revenues of around Brazilian real (R) 30.4bn/year ($16.8bn/year) and production capacity of 15.6m tonnes/year. It would employ 6,600 persons.
The merged company would be called Nova Braskem and, according to press reports, Petrobras would probably hold around 49% of voting capital.
($1 = R1.81)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|