Abu Dhabi National Oil Company (ADNOC) has made a new offer to acquire a controlling stake in Brazilian company Braskem, one of the world's largest petrochemical makers, according to a person familiar with the talks.
ADNOC is offering to buy R$37.29 per share, and hopes to acquire most of the 38.3% stake held by Novonor, Braskem's largest shareholder, the person said, requesting anonymity, adding that Novonor will retain only a 3% stake. of its current share.
The source indicated that half of the purchase will be settled in cash and the rest will be paid through 7-year bonds, with a return of 7.25% annually. He added that the first coupon is due within 4 years, with the full principal of the bonds being paid after 7 years according to the proposed plan.
ADNOC's new plan to buy Braskem's stake
ADNOC had submitted a joint offer in cooperation with Apollo Global Management last May to acquire the Brazilian company. The two companies then sought to buy all Braskem shares for 47 Brazilian riyals per share, with 20 riyals of the price of each share paid in cash, and the rest in the form of bonds and guarantees. , people said at the time. The person familiar with the latest offer pointed out that ADNOC is now presenting the proposed deal alone, without the giant acquisition company based in New York.
The same person also said the new proposal calls for Brazilian oil giant Petroleo Brasileiro to remain as a controlling shareholder.
Braskem shares fell by 2% on Wednesday and closed at 17.28 riyals per share, continuing their decline since the beginning of this year by about 27%. The company's market value is 13.57 billion riyals ($2.8 billion). The Valor news platform was the first to publish about the new offer earlier.
