Braskem SA, Latin America's largest petrochemical company, reached a deal on Tuesday to purchase plastic maker Solvay Indupa, largely by taking on debts of the Argentine-Brazilian unit of Belgium's Solvay SA , a unit valued at $290 million.A securities filing confirmed a Reuters report earlier on Tuesday that the Brazilian company would acquire the company with plants making PVC resins and caustic soda in Brazil's Sao Paulo state and Argentina's Buenos Aires province.The deal, which represents Braskem's first move into production in Argentina, comes as the southern neighbor is courting foreign companies to develop the Vaca Muerta field, one of the biggest shale reserves in the western hemisphere."The acquisition ... reinforces a strategy of combining investment with new alternatives for access to competitive raw materials," Braskem said in the filing.
Braskem SA, formerly Copene Petroquimica do Nordeste SA, is a Brazil-based company primarily engaged in the manufacture of basic petrochemical products. Shares of BAK fell by 1.3% or $-0.22/share to $16.66. In the past year, the shares have traded as low as $12.37 and as high as $18.58. On average, 272148 shares of BAK exchange hands on a given day and today's volume is recorded at 308824.
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