Braskem S.A. (BOVESPA:BRKM5) signed a binding agreement to acquire 70.6% stake in Solvay Indupa S.A.I.C. (BASE:INDU) from Solvay Argentina S.A. for $24.9 million on December 17, 2013. The agreement provides for the acquisition by Braskem of 292 million shares at the price per share of $0.085. As a result of the acquisition, Braskem must carry out a mandatory public tender offer for shares representing 29.41% of the capital of Solvay Indupa traded on the Buenos Aires Stock Exchange. Braskem S.A. also plans to cancel the registration of Solvay Indupa at the Securities and Exchange Commission of Brazil. The transaction is subject to customary closing conditions, including approvals from Brazil's antitrust agency CADE. The divestment is expected to result in an estimated non-cash net loss of €120 million ($165.09 million) for Solvay Group share. As on June 24, 2014, Braskem has been informed of the report by the General Superintendence (SG) of Brazil's antitrust agency Conselho Administrativo de Defesa Econômica (CADE). The SG opposed the transaction given its understanding that it is potentially anticompetitive. As of August 6, 2014, the transaction has been approved by the Board of Directors of Braskem.

HSBC acted as financial advisor to Solvay. Citigroup Inc. acted as financial advisor to Braskem in the transaction. Alberto Luzárraga, Thomas Wright and Jonathan Kellner of Linklaters acted as legal advisors for Braskem SA. Maria Cecilia Andrade and Ubiritan Mattos of Mattos Muriel Kestener acted as legal advisor for Braskem. Maria Eugenia Novis of Machado, Meyer, Sendacz e Opice Advogados acted as the legal advisor for Solvay. All currency conversions have been made through www.oanda.com on December 16, 2013.

Braskem S.A. (BOVESPA:BRKM5) cancelled the acquisition of 70.6% stake in Solvay Indupa S.A.I.C. (BASE:INDU) from Solvay Argentina S.A. on November 12, 2014. The General Superintendence of Administrative Council for Economic Defense (CADE) has rejected the acquisition due to potential anti-competitive concerns.