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Mexico City . Mexichem has reached a $ 178.8 million deal with Petróleos Mexicanos (Pemex) for the acquisition of a stake in PPQ Cadena Productiva, in Petroquímica Mexicana de Vinilo.
In a statement sent to the Mexican Stock Exchange (BMV), Mexichem said that "in accordance with its strategy of consolidation in key activities, it has reached an agreement for the acquisition of 44.09% of shares representing the share capital of Pemex in Petroquímica Mexicana de Vinilo, SA de CV ("PMV") held by Pemex through its subsidiary PPQ Cadena Productiva SL, after the approval of the boards of directors. administration of Pemex and Mexichem. "
For its part, Pemex explained, in a separate statement, that in September 2013 it was associated with Mexichem to integrate the salt-chlorine-soda value chain ethylene-vinyl monochloride through PMV, to which Pemex participates through its subsidiary PPQ Cadena Productiva SL
. following the decision of the PMV Board of Directors not to rebuild the Clorados III plant of the Petrochemical Complex of Pajaritos, in Veracruz, after the accident of April 20, 2016, which made the The main activity of PMV only in the salt-chlorine-sodium chain, which motivated Mexichem to recover the production process.
For Pemex, the transaction fits into its strategy of maximizing the value of the company by focusing on its remedies.
Pemex is making progress in the implementation of its Business Plan 2017-2021 and in the consolidation of its finances, as well as in the continuous improvement of its competitiveness, "states the parastatal.
About the operation, Grupo Financiero BX + said in an analysis that is in line with Mexichem's business consolidation strategy and that is in the valuation range of comparable companies and transactions of the sector petrochemical
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