Braskem (BAK) shares rose 4.4% in recent Monday trading after the company received notice of a binding agreement and an exclusivity deal involving stock held by its shareholder Novonor.

Braskem said Monday in a regulatory filing that the correspondence arrived over the weekend from Novonor and Shine I Fundo de Investimento em Direitos Creditorios, or FIDC, which is represented by Vortx Capital and advised by IG4 Sol.

The letters said FIDC signed a binding agreement with creditor banks of NSP Investimentos, the Novonor unit that holds its Braskem stake, and other Novonor group entities to acquire all credits those banks hold against Novonor. The credits are partly secured by fiduciary assignments of Braskem shares owned by NSP Investimentos.

The correspondence also said FIDC and Novonor entered into a 60-day exclusivity agreement to explore a potential transaction involving the Braskem shares held by NSP Investimentos.

Price: 3.04, Change: +0.13, Percent Change: +4.43