Chemicals
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Braskem restructuring faces court setback
Braskem restructuring faces court setback
Sao Paulo, 25 September (Argus) — A Sao Paulo court dealt a setback to petrochemical producer Braskem's debt overhaul, lifting creditor protections for two financing subsidiaries, blocking additional support for Mexican affiliate Braskem Idesa's Chapter 11 process and appointing a judicial administrator. In a 24 September ruling, the 2nd Bankruptcy and Judicial Reorganization Court of Sao Paulo rejected the debtors' attempt to calculate creditor support through substantive consolidation, requiring support levels to be assessed individually for each entity. The Brazilian court found that Braskem Netherlands and Braskem America Finance failed to meet the minimum one-third creditor support threshold required under Brazil's bankruptcy law. Creditor support reached 20.4pc for Braskem Netherlands and 13.2pc for Braskem America Finance, below the statutory 33.3pc requirement. As a result, the stay period was lifted for the two entities, and the debtors were ordered to demonstrate compliance within 15 days or propose alternative measures. The ruling also addressed Braskem's planned support for Braskem Idesa, which recently sought Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas. An ad hoc group of creditors argued that Braskem and affiliated entities have committed up to $800mn to the Mexican process, including a $415mn debtor-in-possession financing facility, a $71mn equity contribution and additional obligations tied to future ownership interests. The court granted a precautionary injunction preventing Braskem and the restructuring entities from making further extraordinary payments, transfers, financing disbursements or equity contributions linked to the Mexican process pending further review. The judge said the transactions could materially affect the financial position of the group's debt overhaul. The decision came one day after Shine I FIP launched a mandatory tender offer for minority shares of Braskem, one of the final regulatory steps following the fund's acquisition of control of the company. The offer does not affect control of Braskem but is intended to complete the ownership transition. Braskem must submit within 15 days a report detailing the structure, funding sources and expected impacts of the Braskem Idesa transaction. The court also requested information from controlling shareholders Petroleo Brasileiro (Petrobras) and Shine I Fundo de Investimento em Participacoes (Shine I FIP) regarding corporate approvals. Separately, the court appointed ACFB Administracao Judicial as judicial administrator, citing the complexity of a case involving six entities and roughly $10.9bn in liabilities. By Fred Fernandes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
BASF approaches Evonik about takeover: Update
BASF approaches Evonik about takeover: Update
Adds BASF and Evonik confirmation of talks London, 25 September (Argus) — German conglomerate BASF has made a takeover approach for compatriot chemicals producer Evonik, it said today. It described the talks as exploratory and said the outcome "remains open". Evonik confirmed the approach, and said no talks are taking place. Foundation RAG-Stiftung, which holds around a 43pc stake in Evonik, earlier said it was contacted by BASF regarding a potential takeover. No details of the potential acquisition were given. Evonik shares rose by more than 7pc today. It has a market capitalisation of around €8.4bn ($9.6bn). Evonik is undertaking a restructure that will include the cutting of 3,200 jobs in the coming two years and the closure of its polyester business. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU launches s-PVC anti-dumping investigation
EU launches s-PVC anti-dumping investigation
London, 24 September (Argus) — The European Commission has begun an anti-dumping investigation into imports of suspension PVC (s-PVC) into the EU from China, South Korea, Taiwan and Mexico. The move follows anti-dumping duties imposed by the commission on PVC imports from the US and Egypt in 2024 . The investigation of dumping and injury will cover the period of 1 April 2025 to 31 March 2026. Eurostat data show PVC imports from the countries under investigation totalled 593,715t during that period. The announcement comes after the UK launched an anti-dumping investigation into s-PVC imports from China, Mexico and South Korea in August. The commission said pre-disclosure of any provisional measures is likely on 23 April 2027, while definitive measures are expected to be disclosed on 20 November 2027. Argus assessed the PVC import price on a cif Europe basis between €775-825/t last week. By George Barsted Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
European spot MEG prices lack momentum
European spot MEG prices lack momentum
Amsterdam, 24 September (Argus) — European monoethylene glycol (MEG) prices edged lower in September, despite global values rising because of geopolitical tensions in the Middle East. Increased domestic production, steady contractual imports and subdued demand has limited European price gains. Argus assessed bulk cargoes at €600-630/t cif ARA on 23 September, down by €15/t at the midpoint compared with 12 August. Truckload values were €690-720/t fca ARA, compared with €700-720/t as of 12 August. This contrasts with some market expectations of price increases, given tighter global supply and higher Asian prices. Spot prices for MEG in China, the world's largest import market, were $750-780/t cfr on 23 September, below last week's peak but around $115/t above levels of early August. Arbitrage for European spot imports from the US, the continent's largest MEG supplier, remained unworkable in September as US prices climbed. European cif values rose marginally on a sale for September delivery, before retreating. Yet, European imports are broadly steady, mostly arriving from the US and Saudi Arabia under long-term contracts. Higher operating rates at some domestic facilities since August ensured sufficient supply. Several European producers increased ethylene glycols output, responding to weak spot demand for upstream ethylene and relatively active demand for bulk MEG cargoes for August and September delivery. Some MEG consumers relied more heavily on spot purchases than in 2025, creating additional sales opportunities in the third quarter, particularly among antifreeze buyers securing supplies ahead of the winter. Some customers may favour European supply over imports to mitigate potential disruptions during the US hurricane season, although no significant weather-related disruptions have occurred this year. European producers remained competitive despite rising naphtha feedstock costs weighing on margins in September. It remains to be seen if margin pressure will prompt ethylene glycols output cuts. Regional ethylene glycols production is likely to drop in September-October because of planned maintenance at a northwest European producer, lasting six to eight weeks and potentially affecting availability into mid-November. The effect of the shutdown could be partially offset by scheduled turnarounds at downstream facilities, curbing demand for feedstock MEG in October-November. Lithuanian polyethylene terephthalate (PET) resin producer Neo Group will shut one of three production lines in Klaipeda, with combined capacity of around 500,000 t/yr, from late September for around two months. Indorama Ventures will shut its 230,000 t/yr PET resin facility in Wloclawek, Poland, in early November for one month. These outages are likely to take around 160,000 t/yr and 390,000 t/yr of PET capacity offline in October and November, implying lost MEG demand of 14,000-15,000t over two months at full capacity. The actual effect on feedstock demand is likely to be lower, as most PET plants in Europe are operating below nameplate capacity because of weak demand and ample supply. Demand from another key downstream sector, antifreeze and coolants, is healthy and broadly in line with expectations ahead of the peak fourth-quarter season. Some buyers may opt to stay out of the market in the coming weeks after securing early requirements, supporting August demand, during the usual seasonal lull. European spot prices must realign with global levels to continue attracting imports and support current domestic operating rates. But if regional demand remains subdued, price support is likely to be limited. By Liana Minihan MEG cif ARA T2 differential to MEG cfr China $/t Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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