October 20, 2016 / 11:32 AM / 2 years ago

Brazil's Braskem says no formal pact to sell unit quantiQ

SAO PAULO, Oct 20 (Reuters) - Brazilian petrochemical company Braskem SA said there was no formal agreement to sell its chemical products distributing unit known as quantiQ, according to a securities filing on Thursday, in the wake of media reports saying the unit may be sold.

Braskem, Latin America’s largest petrochemical producer, said it was constantly assessing its investments but there was no “formal commitment, even in preliminary terms” about selling quantiQ.

Newspaper Valor Econômico reported on Thursday that Braskem could sell quantiQ for between 500 million reais and 700 million reais ($158 million to $221 million).

News website Brazil Journal separately said on Wednesday Braskem should raise at least 1 billion reais from such a sale.

The deal could bolster Braskem’s coffers as the company negotiates with U.S. and Brazilian authorities over corruption allegations against its two main shareholders, Odebrecht SA and Petróleo Brasileiro SA.

Private equity firm Advent International Corp was among the interested parties, Valor reported, without saying how it obtained the information.

Brazil Journal said Mexico’s Mexichem SAB de CV was also negotiating with Braskem, without citing sources.

Valor said Advent declined to comment on the subject. Reuters was not immediately able to reach officials at Advent or Mexichem for comment.

$1 = 3.17 reais Reporting by Bruno Federowski; Editing by Bernadette Baum

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