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IG4 moves closer to Braskem control

  • Mercados: Petrochemicals
  • 15/12/25

Latin America's largest petrochemical company Braskem said it received notice that its controlling shareholder Novonor has signed a 60-day exclusivity agreement with private equity firm IG4 to buy its shares of Braskem and credits guaranteed by them.

Braskem said IG4 also has an agreement with Novonor's creditor banks to acquire all credits against Novonor and related entities that are secured by Braskem shares, worth close to R20bn ($3.71bn).

If implemented, a fund advised by IG4 or an affiliate would become the direct or indirect holder of Braskem common and preferred shares representing 50.1pc of voting capital and 34.3pc of total capital. Novonor would retain preferred shares equal to 4pc of Braskem's capital, without governance rights beyond those set by law.

The transaction must be approved by Brazil's antitrust watchdog Cade.

In July Cade cleared without restrictions a proposed sale of Novonor's controlling stake to Petroquimica Verde, an investment fund linked to businessman Nelson Tanure. While that approval removed a key regulatory hurdle it did not finalize the transaction, which expired after a 90-day exclusivity period.

The competition for Braskem's ownership it taking place amid financial struggles for the company and intense market volatility. Fitch Ratings recently downgraded the company's credit rating to CCC+ from BB-, citing refinancing risks and persistent negative free cash flow.


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