BAK - Braskem ADRs surge after Apollo reportedly raises takeover bid

Braskem ( NYSE: BAK ) ADRs +17.6% in Tuesday's trading after Brazil's O Globo newspaper reported Apollo Global Management ( NYSE: APO ) made a new higher proposal for the company.

Apollo ( APO ) is willing to offer 50 reais/share for Braskem ( BAK ), up 25% from its previous bid, according to O Globo , which helped lift the petrochemical company to the top of Brazil's Bovespa stock index.

Braskem ( BAK ) is controlled by state-run oil firm Petrobras ( PBR ) and conglomerate Novonor.

Braskem ( BAK ) is "one of the most crucial and diversified international chemical companies out there - but often gets overlooked by investors," Wolf Report wrote in an analysis published on Seeking Alpha .

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