BAK - Braskem says Novonor received takeover offer for the company
2023-05-08 08:47:49 ET
Braskem ( NYSE: BAK ) +35.8% pre-market Monday after confirming its controlling shareholder Novonor received a non-binding offer for the firm.
Braskem ( BAK ) did not disclose who made the offer, but the stock surged on Friday following media reports that Abu Dhabi's ADNOC national oil company would present a joint takeover with U.S.-based asset manager Apollo Global Management ( APO ).
No details were provided, but Friday's reports said ADNOC and Apollo would offer as much as 37.5B reais (~$7.6B) for the Brazilian chemical company.
Novonor, formerly known as Odebrecht, shares control of Braskem ( BAK ) with Petrobras.
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- Stock price return: Up 10.5% YTD, down 42.5% in the past 12 months
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Braskem says Novonor received takeover offer for the company