|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's Range||17.60 - 17.87|
|52 Week Range||16.68 - 27.06|
|Beta (3Y Monthly)||1.09|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||1.11 (4.54%)|
|1y Target Est||25.50|
Prosecutors for the Brazilian northeastern state of Alagoas filed a lawsuit against the country's largest petrochemical company, Braskem SA, seeking to guarantee compensation for damages caused by the firm, the Alagoas government said on Friday. In the lawsuit, the state asks a local court to block any attempt from Braskem's controlling shareholder, the Odebrecht conglomerate, to spin off the business based in Alagoas to facilitate a possible deal to sell the petrochemical company. Odebrecht, which is struggling to restructuring its 80 billion reais ($20.63 billion) in debt, had plans to sell a controlling stake in Braskem.
The government-owned bank is planning to ask the holding company to accelerate debt payments by triggering a cross-default clause after Odebrecht’s ethanol unit Atvos SA filed for court protection from creditors last week, said the people, asking not to be named because the discussions are private. The holding company guarantees about 11 billion reais that Atvos has borrowed from local banks, with Brazil’s six biggest lenders among the creditors, including Caixa. In total, the conglomerate owes about 6 billion reais ($1.56 billion) to Caixa as well as a fund the bank manages, and this debt has no collateral, three of the people said.
On Wednesday, Mexican officials will seek to persuade the White House in talks hosted by U.S. Vice President Mike Pence that their government has done enough to stem immigration and avoid looming tariffs. "We think today's meeting with Pence and (Secretary of State Mike) Pompeo will go well, but probably not enough for a deal to stop the tariffs now," said analysts at Citigroup Research in a note. The tariffs are set to take effect on June 10 at an initial 5 percent and rise as high as 25 percent later in the year.
Odebrecht SA's failure to sell its controlling stake in petrochemical company Braskem SA to LyondellBasell Industries NV and lack of cash are complicating the task of restructuring 80 billion reais ($20.67 billion) in debt owed by the corruption-ensnared conglomerate, three sources with knowledge of the matter said. The conglomerate was counting on Braskem dividends to service its debt. LyondellBasell said on Tuesday it ended talks with Odebrecht SA to buy Braskem "after careful consideration" but did not elaborate further.
Shares in petrochemical producer Braskem were down 20 percent in pre-market trading in Sao Paulo after petrochemical giant LyondellBasell Industries NV on Tuesday said it had ended talks with Braskem SA's controlling shareholder, Brazilian construction conglomerate Odebrecht SA, to acquire the company. 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.
LATIBEX: XBRK), the largest thermoplastics polyolefins producer in the Americas and leading producer of biopolymers in the world, announced today the integration of Braskem's plant-based bioplastic into Boulder Clean's newest sustainably focused laundry detergent packaging. Steve Savage, CEO of 1908 Brands and Boulder Clean commented, "We are elated to partner with Braskem and take advantage of their bioplastic innovation to improve the sustainability of our Boulder Clean packaging.
The board of Brazilian petrochemicals producer Braskem SA has approved an agreement with authorities to pay 410 million reais ($101 million) to settle its involvement in the 'Car Wash' corruption case, Braskem said on Monday in a filing. The sprawling corruption investigation known as Car Wash uncovered a web of political kickbacks and bribes involving overpriced engineering and construction firm contracts with state-run oil company Petroleo Brasileiro SA, known as Petrobras. Braskem said the agreement with Brazil's comptroller general's office and the government's solicitor general covered the same facts that were the subject of a global settlement reached in 2016 with the U.S. Department of Justice, the U.S. Securities and Exchange Commission and the Swiss Office of the Attorney General to resolve international charges involving payoffs to Petrobras.
The board of Brazilian petrochemicals producer Braskem SA has approved the signing of leniency deal with Brazil's comptroller general's office and the government's solicitor general in the Car Wash corruption case, the company said on Monday in a filing. Braskem will pay 410 million reais to settle the case of political kickbacks and bribes involving contracts with state-run oil company Petroleo Brasileiro SA. Braskem and engineering group Odebrecht, which jointly owns the petrochemical firm with Petrobras, agreed in 2016 to pay U.S., Swiss and Brazilian authorities $3.6 billion to resolve international charges involving payoffs to the oil company and others.