Petrobras to acquire controlling stake in Suzano Petrochem

06-Aug-07
Brazilian state-run oil giant Petrobras plans to acquire a 76% stake in petrochemicals company Suzano Petroquimica SA, for 2.1 bln reais ($1.1 bln). This acquisition is Petrobras' second major Brazilian petrochemicals deal this year. Suzano Petroquimica, one of the largest Brazilian petrochemical companies, is the Latin American market leader in resins and polypropylene and No. 2 in thermoplastic resins. Petrobras plans to hold a tender offer to buy up to 600 mln reais (US$310 mln) worth of shares from minority shareholders, lifting the total value of the acquisition to 2.7 bln reais. Petrobas has been strengthening its position in petrochemicals in the past few years, as part of a widely expected consolidation process.
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