By Jeffrey T. Lewis

SÃO PAULO--Braskem shares rose 15.7% after the Brazilian petrochemical company said it was informed that its biggest shareholder received an offer for its stake.

Shares reached 27.50 reais, the equivalent of $5.55, and were down 5% from the end of last year through Friday's close. Brazil's benchmark Ibovespa stocks index was up 1.1% in early trading.

Braskem said Monday morning that Novonor, which owns about 38% of the chemical company, informed Braskem that it had received an offer that the shareholder will study along with other relevant parties.

Braskem shares surged 24% on Friday after local news organization Valor reported that the Abu Dhabi National Oil Co., or ADNOC, had presented plans to Novonor's creditor banks for an offer of BRL47 per share for 100% of Braskem. Petróleo Brasileiro, or Petrobras, owns about 36% of Braskem.

Braskem's statement didn't name the potential buyers.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

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(END) Dow Jones Newswires

May 08, 2023 09:56 ET (13:56 GMT)

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