Renewable Energy

LyondellBasell ends talks with controlling shareholder to buy Braskem

Chemical maker LyondellBasell Industries NV on Tuesday said it had ended talks with Braskem SA's controlling shareholder related to the proposed acquisition of the Brazilian petrochemical giant.

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June 4 (Reuters) - Chemical maker LyondellBasell Industries NV LYB.N on Tuesday said it had ended talks with Braskem SA's BRKM5.SA controlling shareholder related to the proposed acquisition of the Brazilian petrochemical giant.

Reuters reported in March that talks with Brazilian conglomerate Odebrecht SA over a potential $11 billion deal for Braskem had slowed due to issues linked to a delayed U.S. filing and a supply contract for naphtha with Petrobras.

Odebrecht, which has been trying to restructure after being implicated in Brazil's sweeping "Car Wash" scandal, had been discussing the deal with Lyondell for over a year and a half.

LyondellBasell said it ended talks with Odebrecht SA "after careful consideration" but did not elaborate further.

In May, Braskem said its U.S.-listed shares would be delisted by the New York Stock Exchange, after it failed to file its 2017 annual report on time.

Lyondell's board had decided that it would not conclude the deal before Braskem files its 2017 20F annual report with the U.S. Securities and Exchange Commission, one source previously told Reuters.

Shares of LyondellBasell were up 2.3% at $79.50 in premarket trading.

(Reporting by Debroop Roy in Bengaluru; Editing by Shailesh Kuber)

((Debroop.Roy@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 1690; Reuters Messaging: debroop.roy.thomsonreuters.com@reuters.net))

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