Braskem Shares Fall 4.6% After Company Says Settlement Remains Pending on Alagoas Incidents
05 Luglio 2023 - 4:45PM
Dow Jones News
By Jeffrey T. Lewis
SÃO PAULO--Braskem shares fell 4.6% Wednesday after the
Brazilian chemical company said it still hadn't reached a final
payment settlement to resolve complaints of tremors, sinking soil
and damage to buildings near one of its operations in the Brazilian
state of Alagoas.
Shares reached 27.62 reais, the equivalent of $5.68, and are up
15% from the end of last year through Tuesday's close. Brazil's
benchmark Ibovespa stocks index was down 0.1% in early trading.
In a regulatory filing responding to a recent press report,
Braskem said Wednesday morning it has advanced in talks with the
city of Maceió, the capital of Alagoas, on a settlement regarding
the incidents. The company said it still hadn't signed a settlement
agreement and multiple parties must approve any potential
terms.
The environmental disturbances allegedly stemming from the
company's nearby rock salt extraction activities led to the
evacuation of several neighborhoods in the city.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
July 05, 2023 10:30 ET (14:30 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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