IG4 Secures 60-Day Exclusivity to Acquire Braskem Control From Novonor

Overview

• IG4 bought about R$20 billion in Braskem-linked credits via a FIDC from Itaú, Santander, Bradesco, Banco do Brasil and BNDES.
• The structure would transfer 50.111% of Braskem’s voting capital and 34.323% of total capital to an IG4-managed fund, leaving Novonor with a 4% preferred stake without governance rights.
• The parties agreed to a 60-day exclusivity window to finalize definitive documents, and the transaction remains subject to Cade approval.
• Petrobras said it is evaluating a new shareholders’ agreement, and its CEO stated the company wants greater influence over Braskem’s operations.
• Braskem’s management remains in place as preparatory work for a turnaround proceeds, and the shares rose about 4% after the announcement.