01/20/2010

PIE - News-Ticker on Plasteurope.com

Brazil: Merger of Braskem and Quattor seems imminent

Brazilian media reports indicate that the state-owned oil, gas and energy giant Petrobas (Rio de Janeiro / Brazil; www.petrobas.com.br) is about to realise its goal of merging Braskem (São Paulo / Brazil; www.braskem.com) and Quattor (São Paulo; www.quattor.com.br). Local reports allege that Petrobas recently reached an agreement with construction and chemical giant Odebrecht, Braskem's majority shareholder. Under the terms, reports say, both companies would pay about USD 500m to acquire a majority shareholding in Quattor.


Although Braskem spokesman Marcelo Xavier is cited in "Bloomberg” as saying that the deal has yet to be concluded, analysts believe it is only a matter of a few days or weeks.

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