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LyondellBasell in talks to acquire Odebrecht's stake in Braskem

Chemicals and refining company LyondellBasell Industries NV has entered into exclusive talks with Odebrecht SA on a possible acquisition of the Brazilian construction company's controlling stake Braskem SA.

The companies cautioned that the discussions are in preliminary stages and there are no guarantees that a transaction will occur.

"We believe that the potential combination of LyondellBasell's and Braskem's complementary strengths, product portfolios and operational footprints would create significant value for our shareholders, customers and employees," the firms said.

Brazilian newspaper Valor Econômico reported in May that LyondellBasell made an offer to Odebrecht that valued the plastics producer at 41.5 billion Brazilian reais.

However, Odebrecht later denied that it had received a proposal from LyondellBasell, according to Reuters.

Odebrecht holds a 38% stake in Braskem; oil company Petroleo Brasileiro SA, or Petrobras, has a 36% stake.

Petrobras said in a statement that if the negotiations between LyondellBasell and Odebrecht succeed, it will "analyze the terms and conditions of the LyondellBasell offer."

As of June 14, US$1 was equivalent to 3.70 Brazilian reais.