LyondellBasell Industries has valued Brazilian petrochemical company Braskem SA (BAK) at 41.5 billion reais ($11.4 billion) in an offer to Brazilian conglomerate Odebrecht SA months ago, newspaper Valor Econômico reported on Thursday.
LyondellBasell made the offer in February but talks stalled in early May, the paper reported, as the conglomerate tries to refinance its debt with Brazilian lenders. The paper did not say how it obtained the information.
The paper said Lyondell was being advised by Morgan Stanley (MS)
, and Odebrecht by Lazard Ltd.
LyondellBasell said, "We do not comment on market rumors or speculation." Odebrecht, Lazard and Morgan Stanley did not immediately comment.
Most of Odebrecht's stake in Braskem is pledged in collateral to Brazilian banks, and negotiations for refinancing of the conglomerate's debt are ongoing.
Reporting by Tatiana Bautzer and Carolina Mandl