Advent, Indorama and Stepan vie for Brazil's Ultrapar chemical unit (updated)

Stepan

01/06/2021 15:25

(Adds companies declining to comment)
    SAO PAULO, June 1 (Reuters) - Private equity firm Advent
International, U.S. chemical company Stepan Co  SCL.N  and
Thailand's Indorama Ventures are vying for Brazilian
conglomerate Ultrapar Participacoes SA's  UGPA3.SA  chemical
unit Oxiteno, Brazilian newspaper O Estado de S. Paulo reported
on Tuesday.
    The divestiture may fetch around $1.5 billion and is
expected to be completed by late June, the paper reported,
citing people close to the transaction. Binding offers were
delivered last week, the paper said.
    Oxiteno has 11 plants in Brazil, Mexico, Uruguay and the
United States.
    Ultrapar and Advent declined to comment. Stepan and Indorama
did not reply to a request for comment.

 (Reporting by Tatiana Bautzer
Editing by Chizu Nomiyama and Jonathan Oatis)
 ((tatiana.bautzer@tr.com; Tel: +55-11-5644-7756; Mob:
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