Abu Dhabi National Oil Company (ADNOC) has made a new offer to purchase Novonor’s majority stake in Brazilian petrochemical producer Braskem.

ADNOC offered to pay BRL10.5bn ($2.14bn) in two tranches, including 50% in cash and the other 50% through an ADNOC senior equity instrument.

The senior equity instrument at an annual interest rate of 7.25% will mature in seven years.

ADNOC’s proposal indicates a price of BRL37.29 ($7.76) per Braskem share for Novonor’s 38.3% stake in the petrochemical producer.

The offer price represents a premium of more than 100% over Braskem’s last closing price.

Petrobras also confirmed the receipt of a non-binding bid for Novonor’s stake in Braskem.

Petrobras, in a statement, said: “The company reaffirms that it is carrying out due diligence on Braskem, for the possible exercise of tag along or preemptive rights, in the event of the sale of the shares held by Novonor in Braskem.

“It is worth noting that there has been no decision by the Executive Board or the Board of Directors on this matter.

“Petrobras emphasises that decisions on investments and divestments are based on careful analysis and technical studies, in compliance with governance practices and applicable internal procedures.”

Novonor, previously known as Odebrecht, is a primary shareholder in Braskem alongside Brazil’s state-owned petroleum company Petrobras.

The Brazilian conglomerate has been long looking to sell its controlling stake in Braskem, as part of a broader restructuring of its business operations.

Earlier this year, ADNOC and Apollo Global Management jointly offered to buy all of Braskem’s shares at a price of BRL47 per share, comprising BRL20 in cash and remaining in bonds and warrants.

Last month, ADNOC was reported as planning to expand its global operations in a bid to diversify its revenue sources.

Its latest proposal allows Petrobras to continue holding a controlling stake in the Brazilian petrochemical producer.