At Braskem Shares soared more than 40% on Friday (5), returning to year highs, amid news that the oil company Adnocof the United Arab Emirates, would join manager Apollo in making a bid for the Brazilian petrochemical company. According to a report by Folha de São Paulo, published at the beginning of the afternoon, the public company Abu Dhabi National Oil Company (Adnoc) is preparing an offer to buy control of Braskem up to 37.5 billion reais.

According to Folha and columnist Lauro Jardim, of O Globo, Adnoc is teaming up with American manager Apollo to formalize the proposal. Petrobras, Novonor and Braskem did not immediately comment on the matter.

• Braskem reaches agreement with Casa dos Ventos to supply wind energy for up to 22 years
• Braskem acquires a 3D printing materials company

Also according to Lauro Jardim, in a note published around noon, the outline of the proposal was presented this Friday in a presentation to the creditor banks of Novonor, ex-Odebrecht, and which have Braskem shares as collateral. The Folha report indicates that it has been decided that Adnoc will exercise control and, for this, it wants to pay a premium of 135% on the value of the shares – which would give 47 reais per share.

Around 2:20 p.m., shares of Braskem jumped 36.58%, to 26.25 reais, entering and exiting the auction as they renewed the maximum authorized fluctuation, while the Ibovespa advanced 2.27%. At the best time, they reached 27.2 reais (+41.5%).

Novonor shares control of Braskem with Petrobras. Last month, Petrobras Chairman Jean Paul Prates told Bloomberg that the state-owned company could expand its stake in Braskem. A few days later, Petrobras said there was no change in its plan to sell its stake in Braskem.