Petrobras Shares Jump on Plans to Sell Braskem Stake

Shares in Brazil's Petrobras rose 6 percent on Monday after local media reported that the state-run oil company plans to sell a stake in petrochemicals firm Braskem SA (BAK) for around 2.8 billion reais ($903 million).

 

The report in Broadcast, the real-time news service of newspaper Estado de S. Paulo, did not name any potential buyers or say at what stage the sales process was.

 

Neither Petroleo Brasileiro SA, as the company is formally known, or Braskem were immediately available for comment.