The Race for Braskem Heats Up With Unipar’s $2 Billion Offer (1)

Braskem SA’s stocks and bonds gained after fellow Brazilian company Unipar Carbocloro SA offered to acquire a 34.4% stake in one of the world’s top petrochemicals makers for 10 billion reais ($2 billion).

Unipar Carbocloro SA, the largest producer of chlorine and caustic soda in South America and the second biggest producer of PVC, is looking to acquire a controlling stake in Braskem SAfrom Novonor SA, one of the Sao Paulo-based petrochemical’s shareholders. The offer would compete with an attempt by Abu Dhabi National Oil Co. and Apollo Global Management to acquire control of Braskem.

Preferred shares of ...