Braskem Shares Fall 5.1% After Petrobras Says Not in Sale Talks

By Jeffrey T. Lewis

SÃO PAULO--Braskem shares are 5.1% lower after one of the Brazilian petrochemical company's biggest shareholders said it is not in talks to sell its stake privately.

Shares reached 24.02 reais, the equivalent of $4.79, and were up 6.6% from the end of last year through Monday's close. Brazil's benchmark Ibovespa stocks index was down 0.3% in early trading.

Petróleo Brasileiro SA, or Petrobras, owns about 36% of Braskem. Petrobras said Tuesday morning that it is not participating in negotiations to purchase Braskem, as mentioned in articles published by local news media. The state-controlled oil company also denied a recent news report that it is in talks to trade its shares in Braskem for a stake in a Brazilian refinery.

Brazil's Valor news organization has reported that a pair of potential buyers presented a plan to buy 100% of Braskem to creditor banks of Novonor, the company that owns about 38% of the chemical company.

Braskem said Monday that Novonor informed Braskem that it had received an offer that the shareholder will study along with other relevant parties.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

May 09, 2023 10:18 ET (14:18 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.