ADNOC Terminates Talks to Buy Into Brazilian Petrochemicals Firm

The Abu Dhabi National Oil Company (ADNOC) has terminated talks to buy a stake in Brazil’s petrochemicals company Braskem from its controlling company Novonor, Braskem said on Monday. At the end of last year, the state oil giant of the United Arab Emirates (UAE) proposed a non-binding offer to buy a stake in Braskem, in an offer implying an equity value of $2.14 billion (10.5 billion Brazilian reals) for Novonor’s 38.3% stake in the Brazilian company. The non-binding offer from November was conditional on a satisfactory…