Brazil’s Braskem to Absorb Ideom

Brazilian petrochemical company Braskem is moving to absorb the operations of its fully-owned subsidiary, technology company Ideom. The move will require approval by shareholders and is part of Braskem’s attempt to reorganize the company. All of Ideom’s 24.4m shares are owned by Braskem so the merger transaction will not involve any cash or new issuance. The company hired PricewaterhouseCoopers which has valued Ideom at BRL20.8m. Officials at Braskem could not immediately be reached for additional comment. Braskem has been present in the fixed income markets of late, issuing $250m in 5.75% 2021 bonds in late January.