The largest oil producing company in the UAE has withdrawn its offer to buy a stake in the Brazilian company Braskem.

Abu Dhabi National Oil Company, which is a major shareholder in Braskem, announced that it is no longer interested in continuing due diligence procedures to acquire a stake.

Braskem, the leading petrochemical company in Latin America, fell 16% on the New York Stock Exchange, and remained heavily involved in the sale process after an ADNOC spokesman indicated it was withdrawing from the acquisition.

The company aims to expand its business beyond the production and sale of crude oil and refined products, which constitute the bulk of the company's profits, and is pursuing other deals, including the proposed multi-billion-dollar acquisition of German chemicals group Covestro, and a separate merger of two plastics units, which would create a business worth… More than $30 billion.

There are several obstacles that have hindered the company’s plan to merge “Borouge Limited” company, listed on the Abu Dhabi Financial Market, with “Borealis AG” due to evaluation talks with its partner “OMV”, which threatens the upcoming elections in European countries with further delay, and there are several talks. Open with ADNOC.

The company submitted a non-binding offer of $2.1 billion to acquire the stake, and is expected to share control with Brazilian oil giant Petroleo Rasileiro SA, as does Nuvonor. Braskem is the largest manufacturer of thermoplastic resins in the Americas and a global producer. In terms of production capacity.