RIO DE JANEIRO, BRAZIL – Thailand’s Indorama Ventures is in exclusive talks with Brazilian company Ultrapar to acquire its Oxiteno chemical unit for R$1.5 billion (US$297.43 million), newspaper Valor Economico reported on Tuesday, June 15.
Oxiteno has 11 plants in Brazil, Mexico, Uruguay and the United States. Ultrapar has been divesting some assets to concentrate on oil and gas businesses.
The Brazilian company declined to comment on the matter and Indorama did not immediately respond to a Reuters request for comment.
Oxiteno, a wholly-owned subsidiary of Ultra Group, is a Brazilian multinational manufacturer of surfactants . . .