Braskem Shares Crash More Than 16 Percent After Takeover Talks End

LyondellBasell ends talks with controlling shareholder Odebrecht to buy Braskem. Shares of LyondellBasell were up 3.4 percent, while shares of Braskem SA at the B3 exchange crashed more than 16 percent.

By Newsfeed/Reuters

RIO DE JANEIRO, BRAZIL - Chemical maker LyondellBasell Industries NV said on Tuesday, June 4th, that it had ended talks with Braskem SA’s controlling shareholder Odebrecht relating to the proposed acquisition of the São Paulo based petrochemical giant.

Reuters reported in March that talks with Brazilian conglomerate Odebrecht SA over a potential US$11 (RS$44) billion deal for Braskem had slowed due to issues linked to a delayed U.S. filing and a supply contract for naphtha with Petrobras.

Odebrecht, which has been trying to restructure itself after being implicated in Brazil’s sweeping “Car . . .

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