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Name | Symbol | Market | Type |
---|---|---|---|
Petroleo Brasileiro S.A. Petrobras | BOV:PETR4 | Bovespa | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.24937 | 0.61% | 41.34 | 41.32 | 41.40 | 41.78 | 41.07 | 41.29 | 31,899,100 | 00:00:00 |
By Colin Kellaher
LyondellBasell Industries N.V. (LYB) on Tuesday said it has ended talks with Brazilian construction firm Odebrecht S.A. about the potential acquisition of petrochemical company Braskem SA (BRKM5.BR).
LyondellBasell, a Netherlands-based chemicals-and-polymer producer with a big presence in Houston, last June said it was in talks with Odebrecht, which controls 51% of Braskem's voting shares, about a possible deal.
LyondellBasell said that while the potential combination was compelling, the companies opted not to pursue a transaction "after careful consideration."
Brazilian state oil firm Petroleo Brasileiro SA (PBR), known as Petrobras, controls 47% of the voting shares of Braskem, which has a market capitalization of about $8 billion.
LyondellBasell said it will focus on its disciplined growth strategy and expedite its share-repurchase program. The company last week said its shareholders approved the repurchase of up to 10% of its roughly 370 million shares outstanding over the next 18 months.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 04, 2019 09:13 ET (13:13 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
1 Year PETROBRAS PN Chart |
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