Braskem in early takeover talks with LyondellBasell, WSJ reports

LyondellBasell (LYB) has made a takeover approach to Braskem (BAK) and the talks are at an early stage, Dana Mattioli and Dana Cimilluca of Wall Street Journal report, citing people familiar with the matter. A deal could value Braskem at well over $10B, the reporters say. Shares of the Brazilian petrochemical company are up 9% to $31.86 following the report. LyondellBasell is up 5% to $103.95.