Alpek S.A.B. de C.V. has announced that it has obtained all necessary corporate approvals to acquire 100% of Companhia Petroquímica de Pernambuco (PetroquímicaSuape) and Companhia Integrada Têxtil de Pernambuco (Citepe) from Petróleo Brasileiro S.A. (Petrobras).
The acquisition is valued at US$385 million, which is payable on the closing date for the two companies on a debt-free basis. This amount is also subject to adjustments in working capital, etc.
Alpek confirmed that closing of the transaction is dependent on several conditions precedent, including approval by the Administrative Council for Economic Defense (CADE) in Brazil.
On 27 March, Petrobras announced that its Shareholders’ Extraordinary General Meeting approved the sale of PetroquímicaSuape and Citepe to Alpek.
Petroquimica Suape and Citepe operate an integrated PTA-PET facility in Ipojuca, Pernambuco, Brazil, with an installed capacity of 640 000 tpy of PTA and 450 000 tpy of PET, respectively. Citepe also operates a 90 000 tpy texturized polyester filament plant on site.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/06042017/alpek-to-acquire-petroqumicasuape-and-citepe/