By Jeffrey T. Lewis
SAO PAULO–Shares in Braskem rose 3.7% Tuesday after the Brazilian chemical company said its controlling shareholder had offered to begin due diligence for the possible sale of its stake.
Shares reached 28.49 reais, the equivalent of $5.95, and are up 11% from the end of last year through Monday’s close. Brazil’s benchmark Ibovespa stocks index was down 0.4% in early trading.
Braskem said Monday evening in a regulatory filing that Novonor agreed to begin due diligence for the proposed purchase of its stake in Braskem by Unipar Carbocloro.
Novonor, the engineering and construction company formerly known as Odebrecht, owns 38% of Braskem’s total shares, representing 50.1% of voting shares. Unipar last month offered Novonor 35.50 reais to buy most of its stake in the chemical company.
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