Abu Dhabi National Oil Company (ADNOC) has made a fresh offer to buy a controlling stake in Braskem, reported Bloomberg, citing unnamed sources.

Based in Brazil, Braskem is said to be one of the leading petrochemical companies in the world.

The Middle Eastern oil and gas major has agreed to offer a price of 37.29 reais ($7.59) per share of Braskem, the sources said.

ADNOC is looking to buy the majority of the 38.3% stake held by Novonor, Braskem’s largest shareholder.

According to sources, Novonor would retain a 3% ownership in the petrochemical company.

The United Arab Emirates-backed energy company plans to pay half of the purchase price in cash, the sources said, adding that the remaining payment will made in the form of payment-in-kind (PIK) bonds.

The PIK bonds would mature after seven years, with an annual coupon interest rate of 7.25%.

ADNOC will make the first coupon payment in four years and all the principal amount will be paid after seven years.

Earlier in May 2023, ADNOC and Apollo Global Management jointly offered to purchase all of Braskem's shares for 47 reais per share.

The 47 reais offer price comprised  20 reais as cash, and the remaining in bonds and warrants, the sources said.

Now, ADNOC is pursuing the deal without the US-based investment company.

As per sources, the latest proposal expects Petroleo Brasileiro or Petrobras, a major oil company in Brazil, to continue holding a controlling stake in Braskem.

In October 2023, reports emerged that ADNOC aims to expand its global operations in a bid to diversify its revenue sources.

ADNOC is actively looking for opportunities in gas, petrochemicals, liquefied natural gas and renewable energy.