ADNOC offers $7.6bln for Brazil’s Braskem

Abu Dhabi National Oil Company (ADNOC) would present a joint acquisition offer to acquire Brazilian petrochemical producer Braskem with an estimated deal of $7.6 billion, according to people familiar with the matter.

Braskem’s shares have jumped more than 40 percent on Friday amid its acquisition news from ADNOC, which plans to pay a 135 percent premium over the share price, which would result in a deal price of 47.00 reais per share.

Novonor, the controlling shareholder of Braskem 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.

Novonor said in a notice to the stock exchange that it had not received any offer to acquire Braskem, and Novonor shares control of the company with state-run Petrobras Oil.