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Home > News > Corporate News

ADNOC makes new offer for major stake in Braskem

Source:Adsale Plastics Network Date :2023-11-28 Editor :VC
Copyright: This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

Abu Dhabi National Oil Company (ADNOC) has made a new bid for buying a major stake in Braskem, a Brazil-based integrated petrochemical company, from Novonor. The oil and gas giant is offering to pay US$2.1 billion for 38.3% stake, reported Bloomberg.  

 

ADNOC’s fresh proposal would allow Novonor, a Brazilian conglomerate, to retain a 3% interest. Novonor is Braskem’s main shareholder. The other major shareholder is the Brazilian state-run oil company Petrobras.

 

ADNOC plans to pay half of the purchase price in cash, the sources said, adding that the remaining payment will be made in the form of payment-in-kind (PIK) bonds. ADNOC also informally proposes to share control with Petrobras as Novonor currently does.


Braskem_480.jpg

Braskem is an integrated petrochemical company with a diverse portfolio of petrochemicals, thermoplastics, and biopolymers..

 

In May 2023, ADNOC and Apollo Global Management jointly offered to buy all of Braskem’s shares. Now ADNOC is making a solo bid without the US-based investment firm.

 

ADNOC has been reported aiming at expanding its presence in the petrochemicals value-chain to diversify its revenue sources. The company approached German plastics and chemicals maker Covestro earlier with a takeover proposal.

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