PBR - Braskem skyrockets on report of joint Adnoc-Apollo takeover bid

2023-05-05 14:05:46 ET

Braskem ( NYSE: BAK ) +32.3% to a YTD high in Friday's trading following reports that Abu Dhabi oil company ADNOC will present a joint acquisition offer with asset manager Apollo Global Management ( APO ) to buy the Brazilian chemical company for as much as 37.5B reais (~$7.6B).

Brazil newspaper Folha de S. Paulo reported ADNOC would control Braskem ( BAK ) under the proposal, in which it offered to pay a 135% premium over the share price, which would result in a deal price of 47 reais per share.

Reports last October had said Apollo ( APO ) could offer 50 reais/share for Braskem ( BAK ).

Braskem ( BAK ) is controlled by oil company Petrobras ( PBR ) and conglomerate Novonor, formerly known as Odebrecht.

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