Odebretch closes conversation with Dutch by Braskem

On Tuesday, 4, the Odebretch group reported that negotiations with Dutch LyondellBasell Industries N.V. Braskem's sale were terminated due to lack of agreement. Odebretch is the largest shareholder of petrochemicals, which has 50.1% of the assets with voting rights, followed by Petrobras, with 47% of the voting capital.

According to Bob Patel, CEO of LyondellBasell, business would be interesting for potential synergies, but after "careful analysis" the Dutch group decided to opt out. "We want to thank the Odebretch and Braskem teams for their cooperation throughout the process," he said in a statement.

Negotiations between the companies started a year ago in June 2018. The attempt to sell Odebretch's participation is due to the group's case difficulties because of the impacts caused by Operation Lava Jato.

In a statement, the company reported that "Odebretch, as a controlling shareholder of Braskem, will continue to identify and pursue alternatives that add value to its participation in the company, in line with the group's financial stabilization strategy."

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