LyondellBasell has announced that it has ceased negotiations with Odebrecht S.A. on the acquisition of Braskem.
"The combination of Leander Basel and Blasco is convincing. The two companies can realize complementary advantages, enhance product portfolio and company operations. However, after careful consideration, we have jointly decided not to proceed with the acquisition. We are very grateful Odebrecht and the Blasco team worked together throughout the process, "said Bob Patel., CEO of Ryan De Basel.
"We remain focused on advancing the company's regulated, value-driven growth strategy. In addition, we plan to accelerate our stock repurchase program, which currently allows the repurchase of 37 million issued shares. Our strong cash flow, sufficient liquidity and healthy assets The balance sheet enables us to achieve continuous and organic growth while maintaining these major opportunistic stock buybacks, while maintaining the ability to acquire businesses, "Patel. Said.