Brazilian petrochemical producer Braskem SA confirmed late on May 10 the offer its controlling shareholder Novonor received for the firm came from U.S.-based asset manager Apollo and Abu Dhabi National Oil Company (ADNOC).

Braskem had previously said a non-binding offer was presented to conglomerate Novonor, which shares control of the company with state-run oil giant Petrobras, but had yet to disclose details of it.

In a securities filing, it said the bid stood at 47.00 reais ($9.39) per share of Braskem, with 20.00 reais to be paid in cash and 20.00 through perpetual debentures at a yearly rate of 4%. The other 7.00 reais would be paid via warrants.

The bid represents a 79% premium over Braskem's closing price of 26.28 reais per share on Tuesday, but a premium of more than 140% when compared to its closing on May 4, a day before news emerged on local media regarding the ADNOC-Apollo bid.

Novonor reiterated in a letter to Braskem that the offer was being evaluated and no decision had been made. Braskem noted talks with Petrobras would also be required.

The bid was also forwarded by Novonor to creditor banks, as its stake in Braskem is pledged as collateral. The company, formerly known as Odebrecht, cannot sell it without the approval of creditors.