Braskem To Shell Out $350M For Sunoco Unit

Law360, New York (February 2, 2010, 5:07 PM EST) -- Oil refining giant Sunoco Inc. will sell off its chemicals unit to Brazil's Braskem SA for about $350 million in cash, the companies said on Monday.

Sunoco said it expects to record a pre-tax loss on the sale of at least $185 million in the first quarter of 2010.

Sunoco Chairman and CEO Lynn L. Elsenhans said the sale was part of the company's larger effort to realign its assets and improve its returns on invested capital.

“This transaction produces value for our shareholders by monetizing...
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