Petrobras, ADNOC Want to Run Braskem as Joint Venture, Sources Tell Valor Economico

--Petróleo Brasileiro, the state-controlled oil company known as Petrobras, and Abu Dhabi National Oil Co. intend to take control of chemical company Braskem and run it as a joint venture, Valor Economico reported citing sources with knowledge of the negotiations.

--Apollo Global Management, which together with ADNOC had offered to buy 100% of Braskem, has dropped out of the offer, Valor Economico said.

--ADNOC wants to buy the 38% stake in Braskem currently held by Novonor, while Petrobras would boost its current stake of 36% of the chemical company, with each company eventually holding a stake close to 50%, Valor Economico reported.

--The governments of Brazil and Abu Dhabi are in talks over the possible deal, and the fact that ADNOC is also state-controlled is seen as an advantage by the administration of Brazilian President Luiz Inácio Lula da Silva, Valor Economico said.

Full article at https://valor.globo.com/empresas/noticia/2023/09/18/apollo-deixa-negociacoes-e-adnoc-segue-sozinha-em-compra-da-braskem-dizem-fontes.ghtml

Write to Jeffrey T. Lewis at [e-mail]

(END) Dow Jones Newswires

September 19, 2023 08:50 ET (12:50 GMT)

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