Braskem Sinks on Bleaker Sale Outlook After Adnoc Drops Bid

Brazil’s Braskem SA tumbled on Monday after Abu Dhabi National Oil Co. dropped its bid for a stake in the troubled Brazilian petrochemicals company, a development that signals the stop-and-start sales process will drag on even longer.

Adnoc, the biggest oil producer in the United Arab Emirates, is walking away from its $2.1 billion offer, disappointing equity investors who were expecting a deal. Braskem shares fell as much as 16% in New York on the news and were on track for the lowest close since February.

Braskem’s financially strained controlling shareholder, Novonor SA, has been trying to sell ...