Shares in Brazil's Braskem soar more than 40% on reports of ADNOC bid


SAO PAULO, May 5 (Reuters) - Shares of Brazilian petrochemical producer Braskem SA BRKM5.SA jumped more than 40% on Friday amid news that Abu Dhabi National Oil Company (ADNOC) would present a joint acquisition offer with U.S.-based asset manager Apollo APO.N.

ADNOC is preparing an offer to buy Braskem for up to 37.5 billion reais ($7.59 billion), local newspaper Folha de S. Paulo reported.

The report added that under the proposal ADNOC would control Braskem, and it wants to pay a 135% premium over the share price, which would result in a deal price of 47.00 reais per share.

Braskem did not immediately respond to a request for comment.

On Friday afternoon, Braskem shares soared 41.52% to 27.20 reais.

Braskem is controlled by state-run oil firm Petrobras PETR4.SA and conglomerate Novonor, formerly known as Odebrecht.

($1 = 4.9384 reais)

(Reporting by Paula Arend Laier; Writing by Peter Frontini; Editing by Leslie Adler)

((Peter.Siqueira@thomsonreuters.com; +55 11 56447727;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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