Petrobras Expects Cade Ruling on Braskem Stake Transfer Within Days

Overview

• CEO Magda Chambriard said the IG4 entry remains pending Cade approval after a February 16 target was missed, with the delay now roughly one month.
• The proposed transaction tied to Novonor’s stake is reported at about R$20 billion and involves IG4 advising Vórtx Capital.
• IG4 reached a deal late last year with Bradesco, Itaú, Santander, Banco do Brasil and BNDES, which hold Braskem shares as collateral in Novonor’s judicial recovery.
• Under the plan, IG4 would control 50.1% of Braskem’s voting capital and 34.3% of total capital, while Novonor currently holds control and Petrobras owns about 47%.
• Chambriard argued the holdup leaves Braskem ‘money on the table’ because governance changes are needed to capture operational synergies with Petrobras.