LyondellBasell Approaches Brazil's Braskem for Takeover-WSJ
Oct 30 (Reuters) - LyondellBasell Industries NV has approached Brazil's Braskem SA for a potential takeover, valuing the petrochemicals company at more than $10 billion, 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. http://on.wsj.com/2zRqhHj
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 billion merger last month to form DowDuPont, while ChemChina bought Swiss seeds group Syngenta for $43 billion 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 U.S.-listed shares climbed 14 percent to $33.42 in afternoon trading on the New York Stock Exchange. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.