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Lyondell, Odebrecht talks on Braskem sale may take more time - Reuters

Mar. 21, 2019 3:25 PM ETBraskem S.A. (BAK) Stock, LYB StockBAK, LYBBy: Carl Surran, SA News Editor2 Comments
  • Odebrecht's attempts to sell Braskem (BAK -2.6%) to LyondellBasell (LYB +2.3%) may take months longer than expected because of issues linked to a delayed U.S. filing and a supply contract, Reuters reports.
  • LYB's board has decided that it will not conclude the deal before BAK files its 2017 20-F annual report with the SEC, according to the report; BAK has not yet been able to file the document due to its auditors’ ongoing assessment of its internal controls.
  • Another drag on the deal reportedly is the delay in the signing of a long-term supply contract of naphtha, a key raw material for BAK, with Petrobras, whose new CEO Roberto Castello Branco has yet to sign a draft contract left by his predecessor.

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