January 27, 2017 / 10:22 PM / a year ago

Braskem buys Odebrecht stake in Brazil environmental services firm Cetrel

SAO PAULO, Jan 27 (Reuters) - Brazilian petrochemical company Braskem SA agreed to buy a controlling stake in environmental services company Cetrel SA for 610 million reais ($194 million) from Odebrecht Utilities SA, Braskem said on Friday in a securities filing.

Odebrecht Utilities is an arm of Brazilian engineering group Odebrecht SA, which is ensnared in the country’s largest-ever corruption scandal.

The deal is subject to approval by Braskem’s board.

Cetrel SA operates in the Camaçari petrochemical complex in the northeastern Brazilian state of Bahia. The company serves several companies in the area, including Braskem, processing industrial waste.

$1 = 3.14 reais Reporting by Marcelo Teixeira

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