SABIC to bid for stake in Brazil's Braskem: Report

21/02/2024 Argaam

SABIC to bid for stake in Brazil's Braskem: Report

Logo of Saudi Basic Industries Corp. (SABIC)

Saudi Basic Industries Corp. (SABIC) intends to submit a bid to acquire a stake in the Brazilian petrochemical company Braskem, Brazilian newspaper Valor reported, citing sources.

 

The Saudi petrochemical giant has expressed interest in acquiring a stake in Braskem and currently tends to submit an individual offer and not as a consortium with Abu Dhabi National Oil Co. (ADNOC), which had previously submitted a takeover bid, the newspaper said.

 

In November, ADNOC submitted a takeover bid for a controlling stake in the Brazilian company at 37.29 Brazilian real per share, according to Argaam's data.

 

The UAE company seeks to acquire most of the 38.3% stake held by Novonor, the largest shareholder of Braskem, which will retain only 3% of its current stake.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read