ADNOC, Apollo offer $7.6 billion for Brazil’s Braskem

ADNOC, Apollo offer $7.6 billion for Brazil’s Braskem

Abu Dhabi: Braskem, one of the world’s top petrochemicals makers, received an offer of as much as 37.5 billion reais ($7.6 billion) from Abu Dhabi National Oil Co. and Apollo Global Management, according to people familiar with the matter. Discussions are still in early stages, according to the people, who requested anonymity to discuss the confidential matter. One of them said the offer was non-binding. The company surged the most on record in Brazilian trading after a columnist for Brazilian newspaper Folha de S.Paulo first reported on the proposal. The offer of 47 reais a share was more than double Braskem’s market value before the report sent the shares up. Acquiring Braskem could be difficult because its two biggest shareholders, Novonor and Petroleo Brasileiro, haven’t always seen eye to eye, pulling a planned share sale last year because they couldn’t agree on price. Novonor has not received any proposal from potential interested parties “that implies a material or binding evolution in discussions,” according to a filing of Braskem on Friday. Apollo declined to comment. ADNOC and Petrobras didn’t immediately respond to a request for comment. Braskem shares were briefly halted in Sao Paulo after jumping as much as 42 per