LyondellBasell ends talks with Odebrecht to buy Braskem
June 5, 2019Shares in petrochemical producer Braskem were down 20 percent in pre-market trading in Sao Paulo after petrochemical giant LyondellBasell Industries said it had ended talks with Braskem SA’s controlling shareholder, Brazilian construction conglomerate Odebrecht SA, to acquire the company.
Lyondell’s board had decided that it would not conclude the deal before Braskem files its 2017 20F annual report with the U.S. Securities and Exchange Commission, one source previously told Reuters.
Last week, Braskem announced it had to pay additional leniency fines to Brazilian authorities. Brazil’s federal auditor and controller’s office said on Friday Braskem had agreed to pay 2.87 billion reais ($733 million) by 2025 in a leniency deal to settle corruption charges.