Braskem Rises Most in Four Months After Asset Sales to Odebrecht
The stock climbed 5.6 percent to 13.52 reais at 11:31 a.m. in Sao Paulo. Earlier the stock advanced the most since Aug. 16.
Braskem sold Distribuidora de Aguas Camacari SA, a water treatment unit, and a 54.2 percent stake in Cetrel SA, a company responsible for treating industrial waste at the Camacari petrochemical complex, the Sao Paulo-based company said Dec. 28. Odebrecht SA, which holds a 38.1 percent stake in Braskem, bought the unit and the Cetrel stake, it said.
The company’s net debt was 13.18 billion reais in the third quarter, up from 10.76 billion reais in the year earlier period, Braskem said Nov. 8. The company’s rating outlook was changed to negative by Moody’s Investors Services on Nov. 28 on concern that higher oil prices would hurt margin profitability.
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