News

Braskem’s Shares Rise on Favorable Bid for Acquisition

1 Mins read

Shares of Brazilian chemical company, Braskem, have surged by 5.2% following reports that shareholder Petróleo Brasileiro’s management is in favor of an acquisition offer by Apollo Global Management and Abu Dhabi National Oil Co. (ADNOC). This development has sparked investor optimism, driving Braskem’s shares to reach 23.16 reais ($4.77), albeit still down 7.7% from last year’s close.

Positive Reception from Petrobras

Petrobras, which holds a 36% stake in Braskem, has signaled its preference for the bid made by Apollo and ADNOC. One columnist from Brazil’s Globo news organization reported that Petrobras communicated its support to Brazilian President Luiz Inácio Lula da Silva. The state-controlled oil company lauds the investment capacity and industry expertise demonstrated by this group.

However, Petrobras issued a statement emphasizing that no final decision has been made regarding the fate of its stake in Braskem. Novonor, previously known as Odebrecht, intends to sell its 38% stake in Braskem, with Petrobras having the first right of refusal to make the purchase.

Market Performance

On the stock market front, Brazil’s benchmark Ibovespa stocks index remained relatively stable during early trading. Petrobras’s preferred shares experienced a modest uptick of 1.1% to reach BRL34.26.

Related posts
News

'Ether Caught Fire': ETH Surged as Capital Fled Bitcoin in Q3, CoinGecko Report Finds

2 Mins read
Ethereum (ETH) emerged as the frontrunner in crypto’s third-quarter recovery, leaving bitcoin (BTC) behind as capital flowed into altcoins, DeFi protocols, and…
News

Pakistan's Strategic Partnership Or Sell-Out To US? - OpEd

5 Mins read
The growing competition between the US and China for global mineral supply chains has made regions like Balochistan strategically vital. Control over…
News

Pi Coin Price Eyes Recovery Amid Oversold Conditions and Positive Market Signals - TokenPost

1 Mins read
Pi Coin has recently experienced notable volatility, with its price fluctuating within a narrow range amid weak growth. Despite limited upward momentum,…

Leave a Reply

Your email address will not be published. Required fields are marked *