SAO PAULO, May 6 (Reuters) - Brazilian petrochemical producer Braskem (BRKM5.SA) New Tab, opens new tab said on Monday that Abu Dhabi oil company ADNOC [RIC:RIC:ADNOC.UL] has decided to terminate talks to buy a stake held by conglomerate Novonor in the firm, according to a securities filing.

ADNOC had presented in November a non-binding offer for the stake that implied the price of 37.29 reais per share, totaling an equity value of 10.5 billion reais ($2.1 billion).

Novonor, formerly known as Odebrecht, holds a 38.3% controlling stake in the petrochemical firm, which also has state-run oil giant Petrobras (PETR4.SA) New Tab, opens new tab as a major shareholder.

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https://www.reuters.com/markets/deals/adnoc-terminates-talks-buy-stake-brazils-braskem-2024-05-06/