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February 1, 2010
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| 10:06 EDT |  | BAK |
| | 07:59 EDT |  | BAK |
| theflyonthewall.com: | Braskem, S.A. acquires Sunoco Chemicals in the U.S. | | BRASKEM (BAK) has signed an agreement with Sunoco (SUN) for the acquisition by Braskem of the polypropylene business of Sunoco Chemicals. Sunoco will receive $350M for the shares in Sunoco Chemicals, upon closing, within 60 days. This transaction represents an important step in Braskem's international expansion process. :theflyonthewall.com |
| | 07:21 EDT | | BAK |
| theflyonthewall.com: | Sunoco to sell polypropylene business to Braskem | | Sunoco (SUN) said that it has reached an agreement to sell its subsidiary Sunoco Chemicala, comprised of its polypropylene business, to Braskem (BAK) for approximately $350M in cash. The sale will include assets and inventory attributable to the polypropylene business, subject to a market-based working capital adjustment at the time of closing. The transaction is subject to regulatory approval and customary closing conditions, and is expected to close on or before March 31. Sunoco will retain its phenol and derivatives business and expects to record a pre-tax loss on the sale in 1Q10of approximately $185M-$195M. :theflyonthewall.com |
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