Saudi-listed Saudi Basic Industries Corp. (SABIC) is planning to submit a bid to acquire a stake in the Brazilian petrochemical major Braskem, Brazilian business daily Valor reported, citing informed sources.

SABIC, which is 70% owned by Saudi Aramco, will submit an individual offer but not as a joint bid with UAE’s Abu Dhabi National Oil Co. (ADNOC), the report said.

The UAE oil major has already started the due diligence process, the newspaper said

In November 2023, ADNOC submitted a takeover bid to acquire most of the 38.3% stake held by Brazil’s Novonor, which will continue to retain only 3% of its current stake.

However, SABIC denied plans to bid for a stake in Braskem, according to local media reports.
 
The company clarified in a statement that the media report on the bid was “incorrect”.

(Editing by Seban Scaria seban.scaria@lseg.com)