By Jeffrey T. Lewis


SÃO PAULO--Braskem's shares rose 8.8% after the Brazilian chemical company reported that its biggest shareholder said it is studying an offer to buy most of its stake.

Braskem's preferred shares reached 27.87 reais, the equivalent of $5.70, and the shares are up 7.8% from the end of last year through Friday's close. Brazil's benchmark Ibovespa stocks index was little changed in early trading.

Braskem said Monday morning that Novonor, the Brazilian engineering and construction company formerly known as Odebrecht, confirmed that it had received an offer from Unipar Carbocloro to buy most of Novonor's stake in Braskem.

Novonor, which owns 38% of Braskem, said it will study Unipar's offer to buy 34% of the chemical company, according to Braskem.


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


(END) Dow Jones Newswires

06-12-23 1005ET