Reuters: LyondellBasell near binding offer for Brazil’s Braskem – Braskem S.A. (NYSE:BAK)

LyondellBasell (LYB +1.6%) is close to presenting a binding offer to acquire control of Brazilian petrochemical company Braskem (BAK +1.5%), Reuters reports.

LYB is discussing an extension of a long-term naphtha supply contract with Petrobras (PBR +2.3%) seen as pivotal to valuing BAK, and talks between the companies are expected to finish over the next few days, according to the report.

PBR reportedly is still discussing whether to sell its full stake in BAK or hold onto shares in the combined company, which would be the world’s largest petrochemical company.

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