Brazilian construction company Odebrecht has failed to offload its controlling stake in a troubled petrochemical venture, prompting fears the company may be compelled to file for judicial reorganisation.

On 4 June, Odebrecht announced chemical company LyondellBasell had walked away from a deal to buy its stake in Brazilian petrochemical company Braskem, which has been unable to pay dividends since a Brazilian court order froze its assets to pay environmental damage costs in April.

(Latin Lawyer)

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