By Jeffrey T. LewisSÃO PAULO--Brazilian chemical company Braskem's preferred shares rose 5.2% after a new report that shareholder Petróleo Brasileiro's management favors an offer by Apollo Global Management and Abu Dhabi National Oil Co., or ADNOC, to buy the chemical company. Braskem shares reached 23.16 reais, the equivalent of $4.77, and were down 7.7% from the end of last year through Friday's close. Petrobras's preferred shares rose 1.1% to BRL34.26. Petrobras said Monday morning it has made no decision on the future of its stake in Braskem. Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com(END) Dow Jones NewswiresSeptember 18, 2023 10:10 ET (14:10 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal September 18, 2023 20:17 UTC