Alpek to acquire PetroquímicaSuape, Citepe from Petrobras
MONTERREY, Mexico – Alpek, S.A.B. de C.V. announced that it obtained all necessary corporate approvals to acquire 100% of PetroquímicaSuape and Citepe from Petrobras for $385 MM. This amount is payable on the closing date for the two companies on a debt-free basis, and is subject to adjustments in working capital, among others.
The closing of this transaction is still dependent on several conditions precedent, including approval by the Administrative Council for Economic Defense (CADE) in Brazil.
On March 27, Petrobras announced that its Shareholders’ Extraordinary General Meeting approved the sale of PetroquímicaSuape and Citepe to Alpek.
Petroquimica Suape and Citepe operate an integrated PTA-PET facility in Ipojuca, Pernambuco, Brazil with an installed capacity of 640 Mtpy and 450 Mtpy PTA and PET, respectively. Citepe also operates a 90 Mtpy texturized polyester filament plant on site.
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