Petrobras buys Suzano for R2.7bn

Chemical News: Petrobras buys Suzano for R2.7bn

https://www.chemnet.com Aug 06,2007 ICIS news
HOUSTON --Brazil state-run oil company Petrobras said on Friday it will acquire petrochemical group Suzano Petroquimica for Brazilian reais (R) 2.7bn ($1.4bn).

Petrobras said it would pay R2.1bn to Suzano’s controlling company, Suzano Holding, and another R600m to minority shareholders in the petrochemical company.

Petrobras added its ownership in petrochemical companies Rio Polimeros (Riopol) and Petroquimica Uniao (PQU) will increase as a result of the acquisition.

The oil company, which now holds a 17% stake in each firm, will own up to 50% in Riopol and 24% in PQU once the takeover of Suzano Petroquimica is completed.

Petrobras said it would also own a 20% stake in synthetic rubber producer Petroflex through its takeover of Suzano.

($1 = R1.87)
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