Braskem’s shares (BRKM5) collapsed this Monday (6) after the petrochemical company announced this morning that the Abu Dhabi group Adnoc is no longer interested in continuing negotiations with Novonor to acquire the company’s stake in the Brazilian petrochemical company. At 10:23 am (Brasília time) the shares fell 15.40%, to R$19.50.
“We were informed by Adnoc that they are not interested in continuing the analysis and negotiation process with Novonor regarding the potential transaction,” said Novonor in a statement published by Braskem in a relevant fact to the market.
“Nonovor remains fully engaged in the process, in line with the commitment made to its related parties,” added the company.
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In November, Adnoc had presented a non-binding offer for Novonor’s stake in Braskem that implied a price per share of R$37.29, totaling a value of R$10.5 billion. Braskem’s shares closed on Friday at R$23.05.
Novonor holds a 38.3% stake in Braskem, sharing control of the company with Petrobras (PETR4).
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“We don’t know what led Adnoc to withdraw, but the reasons could influence other potential bidders, such as PIC (from Kuwait). This increases the chances of Petrobras buying Novonor’s stake in Braskem, which would trigger only 80% tag along rights for holders of ON shares”, assessed the BBI in a brief note.
(with Reuters)
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