PBR - Braskem bumps higher on report of potential buyout by Apollo Global

2023-04-25 11:43:54 ET

Braskem's ( NYSE: BAK ) +2.3% in Tuesday's trading after a report said a possible buyer of a large stake in the Brazilian chemical company took another step to carry out due diligence .

Brazil's Valor news organization said Apollo Global Management ( NYSE: APO ) had asked its board to move forward with its due diligence process, months after it requested more information about the potential takeover target from Novonor, the construction company formerly known as Odebrecht and the owner of a ~38% stake in Braskem ( BAK ).

Brazil oil company Petrobras ( PBR ) also owns a large stake in the company.

Last October , reports said Apollo was willing to offer 50 reais/share for Braskem ( BAK ), 25% above a previous bid.

Braskem's ( BAK ) "valuation is attractive here, but volatility is high," Wolf Report writes in an analysis published on Seeking Alpha .

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