Braskem Shares Rise 5.2% After Report Petrobras Favors Apollo Offer
18 Settembre 2023 - 4:25PM
Dow Jones News
By Jeffrey T. Lewis
SÃO PAULO--Brazilian chemical company Braskem's preferred shares
rose 5.2% after a new report that shareholder Petróleo Brasileiro's
management favors an offer by Apollo Global Management and Abu
Dhabi National Oil Co., or ADNOC, to buy the chemical company.
Braskem shares reached 23.16 reais, the equivalent of $4.77, and
were down 7.7% from the end of last year through Friday's close.
Brazil's benchmark Ibovespa stocks index was little changed in
early trading. Petrobras's preferred shares rose 1.1% to
BRL34.26.
A columnist for Brazil's Globo news organization reported Sunday
that Petrobras, which owns 36% of Braskem, told Brazilian President
Luiz Inácio Lula da Silva that the state-controlled oil company
prefers the bid by Apollo and ADNOC for Braskem because of that
group's investment capacity and knowledge of the sector.
Petrobras said Monday morning it has made no decision on the
future of its stake in Braskem. Novonor, the engineering and
construction company formerly known as Odebrecht, is trying to sell
its 38% stake in Braskem and Petrobras has the right of first
refusal to buy the stake.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
September 18, 2023 10:10 ET (14:10 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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