By Jeffrey T. Lewis
SÃO PAULO--Braskem SA's shares rose 8.8%, to 50.59 reais, the equivalent of $9.39, after its parent companies canceled the sale of their stakes in the Brazilian petrochemical producer.
Braskem's shares rose from a close of 23.83 reais a year ago on Jan. 28, 2021, to a 52-week-high close of 70.17 reais on Sept. 15 of last year.
Petroleo Brasileiro SA, or Petrobras, said Friday it had canceled the sale of practically all of its 22% stake in Braskem, along with Novonor SA, the construction company formerly known as Odebrecht SA that owns 23% of the chemical maker, because of market volatility.
Petrobras said the term sheet it had agreed to with Novonor is still valid and that the two companies still intend to sell their stakes as soon as market conditions are favorable. Petrobras's preferred shares rose 1.3%, to 34.31 reais.
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(END) Dow Jones Newswires