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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