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Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ______       No ___X___

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BRASKEM S.A.

A Publicly Held Company – CVM Code No. 00482-0
CNPJ/MF No. 42.150.391/0001 -70
NIRE No. 29.300.006.939

NOTICE TO SHAREHOLDERS

DISTRIBUTION OF DIVIDENDS

Braskem S.A. (“Braskem”) hereby informs its shareholders that, the Annual General Meeting held on March 26, 2008 approved the proposal for payment of dividends relating to the 2007 fiscal year, in the total amount of two hundred and seventy-eight million four hundred and fifty-six thousand seven hundred and ninety-nine reais and sixty-six centavos (R$278,456,799.66), which corresponds to approximately 51% of the net profits for the year, for payment to the holders of common shares, classes “A” and “B” preferred shares, not in treasury, and the holders of American Depositary Receipt (ADR), corresponding to the gross value of: a) sixty-four centavos and a fraction (R$ 0.644625) per common share and classes “A” and “B” preferred share, and b) one real, twenty-eight centavos and a fraction (R$ 1.28925) per ADR, with due regard for the rules of the Company’s Bylaws.

As approved, payment shall begin as of April 07, 2008, with no withholding income tax, pursuant to prevailing law. Since March 27, 2008, the trading of common shares and classes “A” and “B” preferred shares, as well as of ADRs, are being carried out “Ex-Dividends”, being March 26, 2008 considered the “Brazilian Record Date” and March 31, 2008 considered the “US Record Date”, in order to comply with the obligations assumed by reason of the ADR program maintained by Braskem in the United States of America. Due to reasons of an operational nature, conversions of class “B” preferred shares into class “A” preferred shares shall be suspended from March 27 to April 07, 2008.

Banco Itaú S.A. will be at the disposal of the Shareholders to explain any doubts through telephone number (11) 5029.7780 or at the Place of Services to Shareholders located in the branches at the following addresses:

- Rua Boa Vista, 176, 1º subsolo, São Paulo-SP;
- Rua Sete de Setembro, 99, subsolo, Rio de Janeiro-RJ;
- Av. João Pinheiro, 195, subsolo, Belo Horizonte-MG;
- Rua Sete de Setembro, 746, térreo, Porto Alegre-RS;
- Rua João Negrão, 65, sobreloja, Curitiba-PR;
- Av. Estados Unidos, 50, 2º andar, Salvador-BA;
- SCS, Quadra 3, Edifício D’Ângela 30 – bloco A, sobreloja, Brasília-DF.

São Paulo, March 27, 2008.

Carlos José Fadigas de Souza Filho
Vice President of Finance and Investor Relations

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SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 28, 2008

	BRASKEM S.A.
	By:	/s/      Carlos José Fadigas de Souza Filho
		Name:	Carlos José Fadigas de Souza Filho
		Title:	Chief Financial Officer

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