LyondellBasell has announced it has ended discussions with Odebrecht concerning the potential acquisition of Braskem.
Bob Patel, CEO of LyondellBasell, said: “The combination of LyondellBasell and Braskem is compelling because of the companies’ complementary strengths, product portfolios, and operational footprints.”
“However, after careful consideration, we jointly decided not to pursue the transaction. We want to thank teams at Odebrecht and Braskem for their cooperation during the entire process.”
“We remain focused on advancing our disciplined, value-driven growth strategy. In addition, we intend to expedite our share repurchase programme, which currently allows for the repurchase of up to 37 million of our outstanding shares.”
“Our strong cash flows, ample liquidity, and healthy balance sheet allows us to deliver a growing, top-quartile dividend, advance organic growth, and maintain optionality for M&A opportunities while executing these significant opportunistic share repurchases.”