10:57 AM EDT, 05/06/2024 (MT Newswires) -- Adds price move for Braskem ( BAK ) shares in first and fifth paragraphs, also adds details about Adnoc's buyout offer of Braskem ( BAK ) shares)

Braskem ( BAK ) retreated Monday after disclosing in a regulatory filing that Abu Dhabi National Oil was no longer interested in buying a significant minority stake in the Brazilian thermoplastic resins company from industrial conglomerate Novonor.

Abu Dhabi National Oil, better known as Adnoc, made a non-binding offer on Nov. 9 to buy Novonor's 38.3% stake in Braskem ( BAK ) for around 10.5 billion reais ($2.14 billion), implying a transaction value of 37.29 reais per share.

The parties began talks to finalize a deal but Braskem ( BAK ) said in a filing with the US Securities and Exchange Commission on Monday that Adnoc was no longer "continuing the process of analysis and negotiations with Novonor."

The company received a similar offer in July 2023 from J&F Investimentos, which had offered 10 billion reais for Novonor's stake and temporarily upstaging prior bids by Adnoc and US private equity firm Apollo Capital Management (APO) and a 36.50 reais-per-offer from Unipar, a rival Brazilian chemical company.

Braskem ( BAK ) shares recently were down more than 14% in Monday trading, recovering only slightly from a 16% slide to an inter-day low of $7.58 per share.

Price: 7.72, Change: -1.31, Percent Change: -14.51