This excerpt taken from the PBR 6-K filed Apr 15, 2009.
I - BACKGROUND
As disclosed by the Relevant Fact published on November 30, 2007, Braskem, Petrobras, Petroquisa and Odebrecht S.A. (Odebrecht) entered into an investment agreement seeking to proceed with the most important stage of the consolidation process involving the domestic petrochemical industry, through the integration into Braskem of the petrochemical assets held by Petrobras and Petroquisa. Such assets correspond to the minority interests held by Petroquisa in Companhia Petroquímica do Sul (Copesul), in IQ Soluções & Química S.A., formerly called Ipiranga Química S.A. (IQ), in Ipiranga Petroquímica S.A. (IPQ) and in Petroquímica Paulínia S.A. (PPSA), in addition to up to 100% of the total capital of Petroquímica Triunfo (Triunfo).
In compliance with such agreement, on May 30, 2008, Braskem merged the shares of Grust Holding S.A., a vehicle used to integrate and consolidate the ownership interests held by Petroquisa in Copesul, IQ, IPQ and PPSA, as widely disclosed at that time. After such merger, Copesul was merged into IPQ on September 11, 2008, IQ was partially spun off with the merger of the spun-off portion into Braskem, IPQ and PPSA were merged into Braskem, as approved at the general meeting of Braskem which was held on September 30, 2008. The purpose of such transactions, as well as of other transactions that were carried out and timely disclosed between the years 2003 and 2008, consists in the corporate restructuring of Braskem, which envisages the merger of first and second generation petrochemical companies. The transaction envisaged by this Relevant Fact corresponds to the last stage of integration of the assets held by Petroquisa, as provided for in the investment agreement entered into on November 30, 2007.