Odebrecht SA is set to agree on the sale of its controlling stake in petrochemical firm Braskem SA (BRKM5.SA) to LyondellBasell Industries NV (LYB.N) by mid-October, newspaper Valor Econômico reported on Tuesday.

By then, state-controlled oil company Petróleo Brasileiro SA (PETR4.SA) will decide whether to include its own stake in Braskem in the deal, clearing the way for the transaction to be submitted to regulators, according to Valor.

Odebrecht owns 50.1 percent of Braskem’s voting capital. Petrobras, as the oil company is known, owns 47 percent.

LyondellBasell and Odebrecht announced in June they were in exclusive talks for Lyondell to acquire control of Braskem in a cash-and-shares deal.

Odebrecht’s stake could be worth over 21 billion reais ($5.4 billion), which would value Braskem at about 55 billion reais, Valor reported.

Representatives for Braskem, Odebrecht, LyondellBasell and Braskem did not immediately respond to requests for comment.

 

Source: reuters.com

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