(Bloomberg) -- Braskem SA’s stocks and bonds gained after Brazilian petrochemical 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).

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Unipar Carbocloro SA is looking to acquire a controlling 34.4% stake in Braskem SA. Preferred shares of Braskem climbed as much as 13% in Sao Paulo on Monday and are on track for their longest winning streak in more than two years. Bonds of Braskem due in 2033 gained as much as 1 cent on the dollar to 97 cents, according to Trace data.

The group presented a non-binding offer to Novonor SA, one of Sao Paulo-based Braskem’s shareholders. Unipar offered 36.5 reais per share, Braskem said in a filing on Monday, adding that Novonor would keep 4% of the outstanding shares. The proposal is a 42.5% premium compared to the closing price on June 9, before Unipar announced the offer. Braskem’s shareholders also include Petroleo Brasileiro SA and creditor banks.

“The resources needed to pay Novonor’s debt imply a premium to the current share price,” analysts at Banco Safra SA, including Conrado Vegner, said in a note on Monday. “As per Braskem bylaws, if Unipar’s offer is accepted, it would have to be extended, in the same conditions, for all Braskem shareholders.”

Unipar’s offer is subject to a series of conditions. Petrobras has rights of first refusal and tag along rights. The Rio de Janeiro-based oil producer didn’t immediately respond to a request for comments. Petrobras’ management has said multiple times that they do not intend to sell assets and could increase its participation in the petrochemical sector.

The deal is aimed at increasing Unipar’s share of the Brazilian petrochemicals market. Braskem has also received another offer from Abu Dhabi National Oil Co. and Apollo Global Management.

Unipar plans to launch tender offers in Brazil’s B3 stock exchange to acquire common shares and class A and class B preferred shares owned by Braskem’s minority investors. It will also offer to acquire up to all Brazilian Depositary Receipts, or BDRs, that trade on the New York Stock Exchange.

“At the appropriate time, we will negotiate with Petrobras its stake under the terms of the transaction,” said Unipar, citing a potential new shareholders agreement regarding Braskem’s new capital structure.

Braskem has been the target of lawsuits due to a geological damage that occurred in the state of Alagoas, in the Northeast of Brazil. Unipar said it “expects a final solution to be negotiated that satisfies all public agents and affected parties.”

--With assistance from Vinícius Andrade.

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