Details expected of Braskem takeover of Quattor - reports

22 January 2010 13:54  [Source: ICIS news]

LONDON (ICIS news)--Braskem and Quattor are understood to have agreed a merger, details of which are expected to be released later on Friday, according to reports.

A Braskem spokesman would not confirm the deal but the company has sent out invitations to a conference call timed for 11:00 hours US Eastern Time.

A merger between the two companies would create Brazil’s largest and sole producer of polyethylene (PE) and polypropylene (PP).

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 more on Braskem and Quattor visit ICIS company intelligence
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By: Nigel Davis
+44 20 8652 3214

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