Brazil's state-controlled Petrobras has opted not to exercise its preemption or tag-along rights in the potential transfer of petrochemical producer Braskem's shares held by Novonor's subsidiary NSP Investimentos to the Shine I FIDC credit rights fund.
Novonor, formerly Odebrecht, is Braskem's controlling shareholder, while Petrobras is the other major shareholder.
Petrobras' board approved the decision on 11 February, citing the current stage of negotiations and authorizing the executive management to take the steps required to implement it.
The Shine I FIDC fund was created as part of the restructuring framework tied to Novonor's creditor-backed assets, and serves as the vehicle designated to receive the Braskem shares securing those obligations. The fund consolidates the credit rights involved and acts as the platform through which Braskem's controlling block would be transferred.
Petrobras' move marks another stage in the long-running effort to reshape Braskem's ownership structure. As discussions progress, the multi-part operation is expected to result in the IG4 Capital-linked fund assuming control.
IG4 Capital, a private equity firm focused on distressed assets, has advanced a strategy centered on acquiring Novonor's debt from a consortium of banks including Itau, Bradesco, Santander, Banco do Brasil and Bndes and converting it into equity in Braskem. This debt-for-equity approach could allow IG4 to take control without a direct share purchase.
But Braskem's change of control has yet to secure government approval. On 3 February, antitrust regulator Cade said it would conduct a deeper analysis of IG4's proposed investment, extending the decision timeline and further complicating the dispute for control.
Cade said the transaction's structure requires a more detailed review of its corporate implications and competitive effects, despite its initial submission under a fast-track procedure.
Petrobras will release further information once it receives the final terms of the proposed operation, it said.
Braskem is the largest producer of thermoplastic resins in the Americas and a global leader in biopolymer production.
