Braskem Tanks After Adnoc Abandons Talks for Stake [Financial Post (Toronto, Ontario, Canada)]
Braskem SA ADR (BAK)
US:NYSE Investor Relations:
braskem.com.br/ri/home-en
Company Research
Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — The biggest oil producer in the United Arab Emirates is dropping its bid for a stake in Brazil's Braskem SA as the Middle Eastern company's aim to build a global chemical business runs into roadblocks over issues like valuation. Abu Dhabi National Oil Co. informed Novonor SA, Braskem's main shareholder, that it was no longer interested in continuing due diligence and negotiations to acquire a stake, according to a stock exchange statement. Braskem, Latin America's leading petrochemicals company, tumbled as much as 16% in New York. Article content Article content In the statement, Braskem published the contents of a letter it received from Novonor related Adnoc's decision. Novonor said it remained fully engaged in the sale process, according to the correspondence. “We can confirm that we have withdrawn from the process to acquire a shareholding
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News
- Braskem posts Recurring EBITDA of US$230 million in the quarter, 9% higher than 4Q23 and 12% higher than 1Q23PR Newswire
- Adnoc's Scrapped Deal Spells End of Braskem Bond Rally [Yahoo! Finance]Yahoo! Finance
- Braskem posts Recurring EBITDA of US$211 million in the quarter, up 13% from 3Q23 [Yahoo! Finance]Yahoo! Finance
- Braskem posts Recurring EBITDA of US$211 million in the quarter, up 13% from 3Q23PR Newswire
- Shell Chemicals and Braskem Bring Certified Bio-Attributed and Bio-Circular Propylene and Polypropylene to the U.S. Market [Yahoo! Finance]Yahoo! Finance
BAK
Sec Filings
- 5/15/24 - Form 6-K
- 5/13/24 - Form 6-K
- 5/10/24 - Form 6-K
- BAK's page on the SEC website