ADNOC drops Braskem bid

Abu Dhabi National Oil Company (ADNOC) is walking away from negotiations to buy a controlling interest in the Brazilian petrochemical giant Braskem. In November, ADNOC had offered Novonor, the Brazilian conglomerate that controls Braskem, $2.2 billion for its 38.3% stake. ADNOC has been shopping for acquisitions recently. In December, the company agreed to buy OCI Global’s interest in Fertiglobe, their nitrogen fertilizer joint venture, for $3.6 billion. It has also been in talks about acquiring Covestro. “We have been informed by Adnoc that they have no interest in continuing the process of analysis and negotiations,” Novonor wrote in a letter to Braskem’s management.