RIO DE JANEIRO, Jan. 24 - Brazil's state-owned oil and gas giant Petrobras announced its approval of the purchase of petrochemical company Quattor on Friday.
Braskem, controlled by Petrobras and construction giant Odebrecht,actually purchased Quattor for 870 million reais (478 million U.S. dollars).
After the merger, Braskem will maintain its name, and will become the largest petrochemical company on the American continent, and the 11th largest in the world.
According to an agreement between Petrobras and Odebrecht, the two companies will jointly make decisions in the "new" Braskem, with Odebrecht owning 50.1 percent of the voting capital in the company.
The agreement also foresees that Braskem's capital will increase 4.5 to 5 billion reais (2.47 to 2.74 billion dollars). With the new capital and assets, the production capacity of Braskem will reach 5.5 million tons of resins per year.
Braskem, controlled by Petrobras and construction giant Odebrecht,actually purchased Quattor for 870 million reais (478 million U.S. dollars).
After the merger, Braskem will maintain its name, and will become the largest petrochemical company on the American continent, and the 11th largest in the world.
According to an agreement between Petrobras and Odebrecht, the two companies will jointly make decisions in the "new" Braskem, with Odebrecht owning 50.1 percent of the voting capital in the company.
The agreement also foresees that Braskem's capital will increase 4.5 to 5 billion reais (2.47 to 2.74 billion dollars). With the new capital and assets, the production capacity of Braskem will reach 5.5 million tons of resins per year.
