According to the record filing by the Brazilian securities regulator, Brazilian petrochemical company Braskem SA denied being acquired by the Dutch company Leander Basel.
If the deal actually happens, it will be North America's two largest polypropylene resin manufacturers and two major global polyethylene suppliers.
After the Wall Street Journal reported that Lyondehlung Basel was to acquire Braskem, Braskem's stock B3 rose almost 12% on the São Paulo stock exchange on October 30 and is expected to reach a value of $ 11.4 billion. The newspaper quoted the unnamed news, Saying the negotiations are still in an early stage, the final transaction has not been reached.
Braskem said, 'Leander Basel did not make an offer.'
In response to the sudden rise in share prices, the company said 'Braskem's management asked its controlling shareholder Odebrecht SA to clarify that the company said it was planning a value-added alternative for Braskem and all its shareholders and reiterated its intention to make Braskem part of the group's investment.
Petrochemical also said that Braskem shares are disposed of depending on their shareholders.
Odebrecht, which owns 50% of Braskem's voting capital, sent an email to Plastic News confirming that Braskem was part of the group's investment.
Brassem 47% of the shares of Brazilian oil companies and Lee Ande Basel did not immediately respond to the matter.
Petrobras listed Braskem's sale plan in its divestment plan to raise $ 21 million in revolving assets by the end of 2018.