Environment & Energy Report

Lyondellbasell Is Said to Plan Braskem Takeover Bid Next Year

Dec. 13, 2018, 3:15 PM

LyondellBasell Industries NV plans to make a bid for rival chemicals producer Braskem SA after Brazil’s new government takes over in the new year, according to people familiar with the matter.

LyondellBasell wants to talk with President-elect Jair Bolsonaro’s incoming administration before making an offer, said the people, who asked not to be named because the current deliberations are private. Those negotiations would include Roberto Castello Branco, the next chief executive officer of state-controlled oil company Petroleo Brasileiro SA, the second-largest Braskem investor with a 36 percent stake, the people said.

Houston-based LyondellBasell has already been in exclusive talks...

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