PBR - Petrobras still assessing plans for Braskem stake but no plans to sell - report

2023-08-10 17:38:53 ET

Braskem ( NYSE: BAK ) closed +7.3% in Thursday's trading after Brazilian newspaper Valor Economico reported Petrobras ( NYSE: PBR ) is not planning to sell its 36% in the petrochemical company.

Petrobras CEO ( PBR ) Jean Paul Prates reportedly said during a meeting with analysts that the company has no plans to sell the stake.

Following the report, Petrobras ( PBR ) said it is studying alternatives in the petrochemicals sector as part of its strategic planning, but it did directly address the report.

Petrobras ( PBR ) is one of Braskem's ( BAK ) main shareholders alongside conglomerate Novonor, which owns a controlling stake but wants to sell it to repay creditors after entering bankruptcy protection.

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