Shares in Brazil's Braskem jump after report on new Apollo bid, shareholders deny
(Reuters) - Shares in Brazilian petrochemical producer Braskem SA jumped more than 20% on Tuesday after local newspaper O Globo reported that U.S.-based asset manager Apollo made a new, higher bid for the company.
According to the report, Apollo is willing to pay 50 reais per share of Braskem, which is controlled by state-run oil firm Petrobras and conglomerate Novonor, up 25% from Apollo's previous bid.
Responding to requests for comment by Reuters, Novonor and Petrobras said that they had no new information about a sale of their stakes in the firm.
Braskem shares ended up 20.4% at 33.58 reais on Tuesday, the top gainer on Brazil's Bovespa stock index, which dropped 0.96%. At its current share price, Braskem is valued at about $4.5 B.
(Reporting by Andre Romani and Peter Frontini; editing by Richard Pullin)
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