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Stock impact report

Petrobras awaiting offers from other Braskem suitors, CEO says [Seeking Alpha]

Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A) 
US:NYSE Investor Relations: investidorpetrobras.com.br/en
Company Research Source: Seeking Alpha
the running, or it could exercise preferential rights for the stake, CEO Jean Paul Prates told Bloomberg on Monday. Braskem ( BAK ) shares sank 14% in Monday's trading after Adnoc dropped its bid for a stake, a development that signals the company's stop-and-start sales process will continue to drag on; the company was Monday's biggest loser on Brazil's benchmark Bovespa Index. "Adnoc was the most vocal about a transaction with Novonor regarding Braskem and had advanced in the due diligence process, therefore the fallout could lead to disappointment in the market," Santander analysts said. "We have our due diligence complete already. We're ready to move. If we need to do an option, we will do it," the CEO told Bloomberg, adding that Petrobras ( PBR ) would be eager to work together "half and half" with a new "financially strong" partner. Show less Read more
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