Brazilian petrochemical manufacturer Braskem (NYSE: BAK) is reportedly the target of a $7.6 billion buyout. Investors are trading on the reports, sending the shares up as much as 23% on Monday morning.
Braskem, founded 20 years ago with the consolidation of six petrochemical businesses owned by large Brazilian corporations, today ranks as one of North America's largest producers of thermoplastic resins and polypropylene. The company's shares took off on Friday after reports surfaced that Abu Dhabi National Oil Co. and Apollo Global Management (NYSE: APO) had submitted an offer for Braskem.
On Monday, Braskem confirmed that controlling shareholder Novonor had received a non-binding offer to acquire Braskem. The companies didn't disclose who had submitted the offer and said it's a fluid process with no guarantee of a sale.
Source Fool.com