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Stock impact report

Lyondell-Braskem deal delayed by Petrobras supply contract talks -sources [Reuters]

Braskem SA ADR (BAK) 
US:NYSE Investor Relations: braskem.com.br/ri/home-en
Company Research Source: Reuters
Lyondell-Braskem deal delayed by Petrobras supply contract talks -sources | Reuters 4 Min Read SAO PAULO, Jan 17 (Reuters) - Brazil’s recent change of government has further delayed the long-awaited finalization of LyondellBasell Industries NV’s plan to buy Brazilian petrochemical company Braskem SA, three sources with knowledge of the matter said this week. Netherlands-based LyondellBasell first said it had entered into exclusive talks to acquire control of Braskem from Brazilian conglomerate Odebrecht SA in June. However, the deal’s price depends on a long-term naphtha supply contract with Petroleo Brasileiro SA, which also owns shares in Braskem. The current contract with the state-controlled oil company known as Petrobras expires in December 2020. The sources, who requested anonymity to discuss private talks, said a draft naphtha supply agreement had been reached in December under former Petrobras Chief Executive Officer Ivan Monteiro. But he declined to ratify the deal when it be Show less Read more
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