Braskem skyrockets on report of joint Adnoc-Apollo takeover bid
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Braskem (NYSE:BAK) +32.3% to a YTD high in Friday's trading following reports that Abu Dhabi oil company ADNOC will present a joint acquisition offer with asset manager Apollo Global Management (APO) to buy the Brazilian chemical company for as much as 37.5B reais (~$7.6B).
Brazil newspaper Folha de S. Paulo reported ADNOC would control Braskem (BAK) under the proposal, in which it offered to pay a 135% premium over the share price, which would result in a deal price of 47 reais per share.
Reports last October had said Apollo (APO) could offer 50 reais/share for Braskem (BAK).
Braskem (BAK) is controlled by oil company Petrobras (PBR) and conglomerate Novonor, formerly known as Odebrecht.