Oil & Gas Adnoc ends talks to buy stake in Brazilian petchem producer By Pramod Kumar May 7, 2024, 4:50 AM Adnoc Adnoc said it had 'no interest in continuing the process' to buy a controlling stake in Brazil's Braskem Abu Dhabi state-owned energy company Adnoc has ended talks to buy a controlling stake in Brazilian petrochemical company Braskem. “Adnoc International Limited has no interest in continuing the process of analysis and negotiations with Novonor on the potential transaction,” the São Paulo-listed company said in a bourse filing on Monday. Following the disclosure, Braskem shares dropped more than 16 percent to their lowest level since February, Reuters reported. NewsletterGet the Best of AGBI delivered straight to your inbox every week Adnoc had revised its non-binding offer last November of 10.5 billion reais ($2.1 billion) to acquire Novonor’s 38.3 percent stake in Braskem. Brazil’s local newspaper, Valor Economico, reported earlier that Kuwait Petroleum Corporation’s unit, Petrochemical Industries Corporation, is considering a potential bid. Brazil’s Braskem confirms takeover bid from Adnoc Adnoc’s acquisition strategy could lead to something major Saudi Arabia and Abu Dhabi bet on crude-to-chemicals Braskem reported a net income of $935 million in 2023 and a recurring Ebitda of $743 million. The company’s liquidity is $3.6 billion, providing cover for over 70 months. The Financial Times reported this week that Mubadala Capital will invest $13.5 billion in biofuels in Brazil. Its chief investment officer and head of Brazil, Oscar Fahlgren, said the scheme to produce renewable diesel and aviation kerosene using mainly non-food plant matter is “a very important capital project”.