Press Release

Petrobras - Negotiations involving Braskem S.A.

Bnamericas Published: Wednesday, June 20, 2018

Press Release by


Petroleo Brasileiro S.A. Petrobras informs that yesterday it received correspondence from Odebrecht S.A., controlling shareholder of Braskem S.A., in which it communicates that it has initiated negotiations with LyondellBasell, a publicly-held company headquartered in Rotterdam, for a potential transaction involving the transfer of Odebrecht's entire interest in Braskem.

Under the terms of the correspondence received, the discussions are in a preliminary stage and, within the scope of the negotiations, Odebrecht agreed to give exclusivity to LyondellBasell, and the parties entered into a confidentiality agreement.

In addition, it was informed that the closing of the transaction is still subject, among other conditions, to due diligence, negotiation of definitive agreements and all necessary approvals. As of this date, there is no binding obligation between the parties to assure the conclusion of the transaction.

If the negotiation is successfully concluded, Petrobras will analyze the terms and conditions of the LyondellBasell offer, in order to evaluate the exercise of its rights provided for in the Shareholders Agreement of Braskem.

Facts deemed relevant on the subject will be timely disclosed to the market.

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