Brazil begins binding phase in effort to sell stake in LAB producer Deten

Author: Adam Yanelli


HOUSTON (ICIS)--Petrobras has begun the binding phase of its effort to sell its 27.88% stake in Deten Quimica, a Brazilian producer of linear alkyl benzene (LAB), according to the state-controlled energy producer.

Petrobras began seeking bidders for Deten, Brazil's sole producer of LAB, in June.

Potential buyers who qualified for this phase will receive a process letter with detailed instructions on the divestment process, including guidelines for due diligence and the submission of binding proposals, Petrobras said.

Deten's remaining 72.12% stake is owned by Cepsa.