Braskem consolidates assets and strengthens position as a global player

Braskem has initiated steps to consolidate Brazil's petrochemical sector, thereby positioning itself as a major player in the global petrochemical industry, and provides the company with strong cash flow generation that will enable it to accelerate expansion and internationalization projects. Braskem has entered into an agreement with Petroleo Brasileiro S.A., Petrobras, Petrobras Quimica S.A, Petroquisa and Odebrecht S.A. with the objective of further consolidating Brazil's national petrochemical industry through the incorporation by Braskem of petrochemical assets held by Petrobras and Petroquisa. The petrochemical assets of Petrobras and Petroquisa to be integrated by Braskem are * 37.3% of the total capital of Companhia Petroquimica do Sul (Copesul) * 40% of the total capital of Ipiranga Quimica and Ipiranga Petroquimica; * 40% of the total capital of Petroquimica Paulinia; * 100% of the total capital of Petroquimica Triunfo. Under the agreement, the combined interests of Petrobras and Petroquisa in Braskem will increase from 8.1% to 30% of the voting capital and from 6.8% to 25% of the total capital, excluding the shares held in treasury. The operation is expected to be concluded within six months and will result in the issuance of 103.4 mln new Braskem shares, comprising 46.9 mln common shares and 56.5 mln class "A" preferred shares.
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