26 January 2010 17:14 [Source: ICIS news]
SAO PAULO (ICIS news) –The courts in Rio de Janeiro are looking into two pending lawsuits that could reverse petrochemicals company Braskem's acquisition of Quattor, a court in Rio de Janeiro said on Tuesday.
Alberto Soares de Sampaio Geyer is a partner on the Vila Velha, the holding company that controls Unipar, which in turn controls Quattor. He has filed a series of lawsuits seeking to halt the deal.
A judge earlier threw out one of his lawsuits.
Geyer filed two other lawsuits and is appealing another case.
Geyer filed the lawsuits in an attempt to change the share control of Vila Velha and give him more control in order to reverse the Braskem-Quattor deal announced last week.
One of the lawsuits questions the legitimacy of a meeting where it was agreed that the preferential shareholder rights in Vila Velha would be extinguished.
Geyer said earlier he planned to offer a new bid totaling about reais (R) 280m ($154m) for shares in Vila Velha and take control of the company.
Petrobras has the right to choose four executives for the board of directors.
In the Braskem-Quattor transaction, Unipar would receive R647.3m for its stake in Quattor.
The deal is still subject to approval from shareholders and
($1 = R1.82)
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