Braskem S.A. ADR (BAK)

Shares of Braskem S.A. ADR (BAK) dropped by 4.24% from $7.78 to $7.45 in the trading on Friday, December 1, 2023. The reason why BAK is down today is due to a new 1 billion real ($203 million) lawsuit filed against the company by state and federal prosecutors. The lawsuit relates to damages caused by Braskem's salt mines, leading to ground subsidence in Maceio, Brazil, and the need for compensation to more affected families. The sinking ground problems are linked to Braskem's rock salt mining activities, and while the company has set aside significant funds to address these issues, it's uncertain if the lawsuit's demands are already covered. Braskem aims to complete the relocation and compensation process for affected residents by early 2024. The lawsuit's uncertainties likely contributed to the stock's decline.

Braskem SA ADR Stock (BAK) dropped by 5.57% from $7.00 to $6.61 in the trading on Monday October 30, 2023. The reason why BAK stock down today is due to the disappointing production and sales report. Braskem's operational performance in 3Q23 continued to be impacted by the adequacy of production in the face of lower global demand, which remained at historically low levels due to the industrial slowdown in the main economies such as the United States, the Euro Zone, and China. Additionally, operational instabilities caused by external factors reduced the production volume of the Brazil and Mexico segments.

Shares in Braskem extended losses after the news that Brazilian state-run oil company Petrobras said it made no decision on a potential increase in its stake in petrochemical firm Braskem. The firm said in a securities filing its board and management made no decision regarding "the process of disinvestment or stake increase in Braskem.

https://finance.yahoo.com/news/1-brazils-petrobras-mulls-acquiring-153229054.html