LyondellBasell approaches Brazil's Braskem for takeover
(Reuters) — LyondellBasell Industries NV has approached Brazil's Braskem SA for a potential takeover, valuing the petrochemicals company at more than $10 B, the Wall Street Journal reported on Monday.
The talks are at an early stage and there is no guarantee of a deal, the Journal reported, citing people familiar with the matter.
A deal would help LyondellBasell expand in Latin America, where Braskem is the biggest petrochemicals company.
The news comes amid a wave of big mergers in the chemicals sector. Dow Chemical and DuPont completed their $130 B merger last month to form DowDuPont, while ChemChina bought Swiss seeds group Syngenta for $43 B earlier this year.
LyondellBasell and Braskem did not immediately respond to Reuters requests for comment.
LyondellBasell's shares rose 6 percent to $105.03 while Braskem's US-listed shares climbed 14% to $33.42 in afternoon trading on the New York Stock Exchange.
Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar
Comments