PBR - Braskem continues upward climb after report of another potential buyer

2023-06-16 10:18:52 ET

Braskem ( NYSE: BAK ) +2.6% in early trading Friday following reports that another buyer is interested in buying the Brazilian chemical company.

Brazil's Estadao news organization reported that J&F, the holding company that controls meatpacker JBS, is in talks with banks to buy control of Braskem ( BAK ) from Novonor, which currently owns 38% of the chemical company and 50.1% of its voting shares.

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

Braskem ( BAK ) shares jumped more than 6% Thursday after the O Globo newspaper reported Apollo ( APO ) has told creditor banks it would make a new offer for the company.

Petrobras ( PBR ), which holds a 36.1% ownership stake and 47% of voting shares in Braskem ( BAK ), reportedly is not considering making an offer to buy the company because it does not want to absorb the company's $9.8B debt into its balance sheet.

More on Braskem:

• Financial and valuation comparison to sector peers
• Analysis: Braskem: Fade The M&A Optimism
• Stock price return: Up 48% YTD, down 18.5% in the past 12 months

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