Published 8 May 2023

(Bloomberg) -- An acquisition by Adnoc and Apollo would bring a “much awaited improvement” in governance because control would shift from Novonor to the new buyers. 

“We note positively the joint bid with ADNOC,” Filipe Botelho wrote in a note Monday. “This increases the potential for synergies and global presence for Braskem, while mitigating risks that Apollo will meaningfully increase Braskem’s leverage.”

“A final offer should also be extended to Petrobras, albeit the Brazilian government’s position in this regard is unclear,” he wrote. “Petrobras’ CEO Jean Paul Prates recently stated that the company is considering raising its stake in Braskem”