Media: LyondellBasell eyeing takeover of Brazil's Braskem

According to media reports, petrochemical giant LyondellBasell Industries NV has approached Brazil’s Braskem SA for a potential takeover worth of more than $10 billion. However, the talk is still at very early stage and there is no guarantee that the deal would go through.

If the takeover success, LyondellBasell would be able to establish strong presence in the Latin America market, where Braskem is the biggest petrochemicals company. The company is able to produce 350,000 tons/year of polypropylene (PP) and 540,000 tons/year of polyethylene (PE).

The acquisition proposal would need approval from several parties, including two of Braskem biggest shareholders – Petrobras and Odebrecht.