Brazil's Unipar to acquire stake in rival company for BRL210 mln

28-Jun-07
Amid a wave of consolidation in the local petrochemical industry, Brazil petrochemicals group Uniao das Industrias Petroquimicas SA (Unipar) has signed an irrevocable agreement to buy 6.5 mln common and 6.5 mln preferred shares of Petroquimica Uniao held by Dow Brasil SA unit. Unipar has also acquired 277,372 common and 277,372 preferred Petroquimica Uniao shares, and acquired control of Dow Brasil's Polietilenos Uniao SA, a polyethylene production unit in Cubatao. Unipar will pay 210 mln Brazilian reals (US$108 mln) for a polyethylene unit and a stake in rival Petroquimica Uniao held by the local unit of Dow Chemical Co. (DOW). In mid-March, a consortium formed by Brazil's leading petrochemical company, Braskem SA (BAK), state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras, and petrochemical company Ultrapar Participacoes SA (UGP) announced the acquisition of local oil and petrochemicals firm Companhia Brasileira de Petroleo Ipiranga in a US$4 bln deal.
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