ADNOC gives up on Braskem acquisition

The Abu Dhabi National Oil Company (ADNOC) is no longer interested in buying Novonor’s controlling stake in the Brazilian petrochemical giant Braskem. Since the decision was made public, Braskem’s share price crashed by almost 15 percent. ADNOC’s withdrawal from the deal comes after long negotiations and due diligence on Braskem. Initially, the Gulf company made
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