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In a press conference, Saudi Aramco and a leading chemical company Lanxess announced that the Saudi’s oil giant is interested in procuring Lanxess’s 50% share, worth €1.5 billion, in Arlanxeo. It is a Netherland-based chemical JV of Aramco and Lanxess. After this acquisition, Saudi Aramco will emerge as a fully strengthened company in the entire petroleum value-chain. Also, this will help Arlanxeo gear up the growth in the kingdom.
Dutch multinational, LyondellBasell, is into discussions with Odebrecht to acquire leading plastic producer, Braskem. The two companies jointly talked about sharing a strong culture of operational excellence and legacies of value-creating innovation. The negotiations are into preliminary phase and no agreements have been reached yet. Appropriate diligence, definitive agreements, and corporate approvals are still due.