September 20, 2019 / 3:28 PM / 24 days ago

Odebrecht hires Lazard to sell its stake in Brazil's Braskem: report

SAO PAULO (Reuters) - Brazilian conglomerate Odebrecht SA has hired investment banking unit of Lazard to sell its stake in the petrochemical company Braskem SA (BRKM5.SA), news website Brazil Journal reported on Friday.

Preferred shares in Braskem soared 6.3% following the media report. Lazard advised Odebrecht when it was in talks to sell Braskem to LyondellBasell Industries NV (LYB.N). Lazard and Odebrecht did not immediately comment on the matter.

Reporting by Carolina Mandl

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