Deal is reached to create Brazil's largest petchem player

22 January 2010 15:56  [Source: ICIS news]

Deal reached to consolidate Brazil petchemsLONDON (ICIS news)--Braskem will consolidate the petrochemical activities of Petrobras, Odebrecht and Quattor, the Brazilian companies said on Friday.

The merger of Braskem and Quattor will create Brazil’s largest petrochemicals player and its sole polyolefins producer.

Unipar will receive reais (R) 647.3m ($358m) for its stake in Quattor while Braskem will also acquire Unipar Commercial for R 27.7m and pay Unipar R 25m in cash for its 33.3% stake in Polibutenos.

State-controlled oil company Petrobras, and conglomerate Odebrecht said they would consolidate their direct and indirect interests in petrochemicals and create a holding company for Braskem, BRK Investimentos Petroquimicos SA (BRK). They plan to inject capital into BRK and a capital increase for Braskem.

The merger is going ahead after legal objections to the deal were overcome. Quattor is currently jointly owned by Unipar and Petrobras.

($1 = R1.81)

For more on Braskem and Quattor visit ICIS company intelligence
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By: Nigel Davis
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