12 November 2012 15:05 [Source: ICIS news]
RIO DE JANEIRO (ICIS)--Braskem plans to complete the sale of its distribution arm QuantiQ by the end of the year, the Brazilian petrochemicals manufacturer said on Monday.
Media reports stating that Braskem was planning to sell QuantiQ – Brazil’s largest chemical distributor – surfaced in October.
The reports cited three potential buyers, adding that QuantiQ could fetch $500m (€395m) in an eventual deal.
A Braskem spokesperson declined to comment other than to add that the company plans to divest of QuantiQ by the end of 2012.
Braskem is one of the sponsors of the 32nd Latin American Petrochemical Association (APLA) annual meeting, which is being held this week in Rio de Janeiro.
The conference ends on Tuesday.
($1 = €0.79)
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