Braskem Jumps as Alagoas Deal, IG4 Sale Talks Offset Earnings(1)

Braskem SA shares gained as the potential exit of an indebted shareholder and a deal to pay for an environmental disaster was enough for investors to overlook another weak quarter from the Sao Paulo-based petrochemical giant.

Novonor SA is close to a deal with creditors to sell its controlling stake in Braskem to a fund run by asset manager IG4 Capital, people familiar with the matter said late Monday. If confirmed, the agreement could put an end to years of M&A talks around Braskem and pave the way for new investments to shore up its finances.

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