PBR - Braskem bumps lower as Petrobras delays stake sale

Braskem (BAK -5.1%) tumbles in early trading after Petrobras (PBR -1.3%) said it has not yet decided when and how to proceed with the proposed sale of its stake in the company. Petrobras, which owns 36% of Braskem, has repeatedly expressed its intention to sell its stake but it says in a Brazilian securities filing that it is still conducting studies on the planned deal. The filing comes after a Sao Paulo newspaper reported that Petrobras and Brazilian conglomerate Novonor were expected to start selling their stakes through a share offering in February.

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Braskem bumps lower as Petrobras delays stake sale