Braskem concludes acquisition of Ipiranga Group Petrochemical Assets

28-Feb-08

Braskem has announced that 60% of the petrochemical assets of the Ipiranga Group, consisting of the 60% interest in Ipiranga Quimica, were effectively transferred to the Company. As a result of the transaction, Braskem now holds a direct interest of 60% in Ipiranga Quimica, an indirect interest of 60% in Ipiranga Petroquimica, and a direct and indirect interest of 62.7% in Copesul. The remaining 40% of Ipiranga Quimica were delivered to Petrobras. The conclusion of the acquisition represents an important step in the consolidation of the Brazilian petrochemical industry and will enable Braskem to accelerate the capture of synergies, estimated at US$1.1 billion in net present value. Braskem is Latin America's leading company in the thermoplastic resins industry and the third- largest petrochemical producer in the Americas.