Solvay has agreed to sell its share in Indupa to Braskem in December 2013.
The Brazilian company proposed to pay $1.35 per share for the remaining 29.41% stake in Indupa, listed on the stock exchange from Argentina, Reuters reported.
However, the nation’s market authority (Comision Nacional De Valores (CNV)) said that the offer was too low.
According to Solvay, divestment of its stake was not dependent on the success of a tender offer for the remaining shares. It also said that Braskem was in discussions with CNV to quote a new price.
