Braskem Shares Rise 2.6% After Report of Another Potential Buyer

By Jeffrey T. Lewis

SÃO PAULO--Shares of Braskem were 2.6% higher Friday amid news that another buyer is interested in the Brazilian chemical company.

Shares reached 30.25 reais, the equivalent of $6.24, and are up 16% from the end of last year through Thursday's close. Brazil's benchmark Ibovespa stocks index was down 0.3% in early trading.

Brazil's Estadao news organization reported that J&F, the holding company that controls meat packer JBS, is in talks with banks to buy control of Braskem from Novonor. Novonor owns 38% of Braskem, and 50.1% of its voting shares, but years ago Novonor put the shares up as a guarantee for a loan from five Brazilian banks, which have been trying to sell the stake.

Brazilian chemical company Unipar Carbocloro and a group composed of Apollo Global Management and Abu Dhabi National Oil have also recently offered to buy all or part of Braskem.

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

(END) Dow Jones Newswires

June 16, 2023 09:57 ET (13:57 GMT)

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