04 September 2013 16:04 [Source: ICIS news]
LONDON (ICIS)--Braskem is bidding to acquire polyvinyl chloride (PVC) assets from Belgium-based Solvay, the Brazil-based petrochemical producer said on Wednesday.
Braskem confirmed its interest in a response to a letter received from the Brazilian Securities and Exchange Commission (CVM), seeking clarification on whether it is participating in a process for the acquisition of PVC assets from Solvay.
“Braskem clarifies that it is participating in the competitive sale process of these assets, though there are no concrete, even if preliminary, results so far, nor is there any expected deadline for the conclusion of the process,” Braskem said in a statement.
The company owns 70% of Indupa while the remaining 30% of Indupa is owned by public shareholders.
Solvay aims to eventually exit the PVC business with the exception of a specialty grade that can be used in aerospace and automotive applications, the company said.
Solvay Indupa, an Argentina-based company, has an installed PVC capacity of 300,000 tonnes/year at a plant in Sao Paulo, Brazil.
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