Regions :: South America :: Brazil
Braskem Completes Purchase of Stake in Ipiranga
12:44 PM MST | March 3, 2008 | Nancy Seewald
Braskem (São Paulo) has completed its $1.1-billion acquisition of a 60% stake in Ipiranga Quimica, the petrochemical assets of Ipiranga Group (São Paulo). Braskem, Petrobras (Rio de Janeiro), and Oxiteno parent company Ultra Group (São Paulo) purchased Ipiranga for a total of about $4 billion last year (CW, March 28, 2007, p. 7). Braskem says completion of the deal allows it to conclude a related agreement with Petrobras reached last November. Under that deal, Petrobras increases its stake in Braskem from 6.8%, to 25%. In exchange, Braskem...
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