{"id":91726,"date":"2024-05-07T00:00:00","date_gmt":"2024-05-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnoc-drops-braskem-bid-dp-world-completes-savan-logistics-acquisition\/"},"modified":"2024-05-07T00:00:00","modified_gmt":"2024-05-07T00:00:00","slug":"adnoc-drops-braskem-bid-dp-world-completes-savan-logistics-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/07\/adnoc-drops-braskem-bid-dp-world-completes-savan-logistics-acquisition\/","title":{"rendered":"Adnoc drops Braskem bid + DP World completes Savan Logistics acquisition"},"content":{"rendered":"

Adnoc backs out of Braskem acquisition bid: <\/strong>Abu Dhabi National Oil Company (Adnoc) has withdrawn its offer to acquire a USD 2.1 bn stake in Brazilian petrochemicals company Braskem, the selling shareholder, Novoner, said in a statement (pdf).<\/a> Novonor remains \u201cfully engaged in the process,\u201d it said.<\/p>\n

Why the sudden change of heart? <\/strong>The reason behind Adnoc\u2019s withdrawal remains unclear, with Novoner saying it received notice from Adnoc that the group has \u201cno interest in continuing\u201d with negotiations. Citigroup analysts say that \u201cit\u2019s too early\u201d to ascertain Adnoc\u2019s reasoning, Bloomberg<\/a> reports.<\/p>\n

Background: <\/strong>Adnoc had submitted a USD 2.1 bn non-binding offer in November to acquire Brazilian conglomerate Novoner\u2019s 38.3% stake in Braskem. Its bid represented a premium of more than 100% over Braskem\u2019s closing share price at the time the bid was made, Reuters<\/a> reported at the time. Braskem had also reportedly received a joint USD 7.6 bn offer earlier from Adnoc and Apollo for a stake. In March<\/a>, an unnamed new bidder also entered the race for the shares.<\/p>\n

Braskem still has options:<\/strong> Brazilian state-owned oil producer and owner of a 36.1% stake in Braskem has preferential rights to buy the stake, which it is \u201cready\u201d to exercise after completing due diligence if it has to, CEO Jean Paul Prates told Bloomberg<\/a> separately. \u201cOther companies\u201d are also conducting due diligence, Prates said, without disclosing any names.<\/p>\n

Market reax:<\/strong>The Brazilian company\u2019s stock closed down 14.5%, after falling as much as 16% in intraday trading on the news, according to Bloomberg. <\/p>\n

The acquisition was one of several Adnoc is looking at as part of a push into the <\/strong>chemicals sector and away from oil<\/strong>, including a multi-bn USD acquisition of German chemicals group Covestro, which has also stalled<\/a> and could see the company submit a bid higher than EUR 11.3 bn (AED 44.9 bn). Adnoc is also working on merging its two plastic units, Borealis and Borouge, but the transaction is also facing delays<\/a> due to changes in management, elections in Austria, and sticking points over technicalities of the merger. <\/p>\n

OTHER M&A NEWS-<\/p>\n

DP World<\/a><\/strong> has finalized its acquisition of Laos-based Savan Logistics,<\/strong> which operates the Savannakhet dry port in Laos' Savannakhet Special Economic Zone, according to a statement<\/a>. No details were provided on the value of the transaction. <\/p>\n

The move sees DP World assuming management of the dry port<\/strong>, a logistics hub linking supply chains along a multinational corridor connecting Laos with Cambodia, Myanmar, Thailand, and Vietnam. Aside from managing the dry port and its warehouses, DP World will also coordinate cross-border transport, freight forwarding, and integrated logistics solutions at the site, the statement said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The move sees DP World assuming management of the dry port<\/p>\n","protected":false},"author":1,"featured_media":91727,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[57,244,143,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-adnoc","tag-dp-world","tag-energy","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"223d8612-05a3-496f-b43a-109cf01893c8","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/163.jpg","photo_position":"above","homepage_title":"Adnoc drops Braskem bid + DP World acquires Savan Logistics","full_issue_title":"Adnoc drops Braskem bid + DP World completes Savan Logistics acquisition","related_issue":[91722],"teaser":"The move sees DP World assuming management of the dry port","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.1b6ffe69-7ab4-4b47-802b-47a8000cc081.mp3"},"yoast_head":"\nAdnoc drops Braskem bid + DP World completes Savan Logistics acquisition - 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