Abu Dhabi National Oil Company (ADNOC) has terminated talks to buy a controlling stake in Braskem S.A. (BOVESPA:BRKM5), the Brazilian petrochemical producer said on May 6, 2024, driving its shares down almost 15%. ADNOC presented a non-binding offer in November for the stake held by conglomerate Novonor in Braskem, with an implied price of BRL 37.29 per share for an equity value of BRL 10.5 billion ($2.1 billion). However, ADNOC has now informed Novonor S.A. about its decision not to go forward with the negotiations, Braskem said in a securities filing.

Braskem's Sao Paulo-traded shares dropped 14.75% to their lowest level since February, the biggest faller on Brazil's benchmark Bovespa index (.BVSP), which was up 0.4%. Novonor, formerly known as Odebrecht, holds a 38.3% controlling stake in the petrochemical firm, which it has long been looking to sell as part of a broader restructuring. State-run oil giant Petróleo Brasileiro S.A. - Petrobras (BOVESPA:PETR4) is also a major Braskem shareholder.