Petrobras Sets Shared Control of Braskem With IG4’s Shine I

Overview

• Petrobras signed a new shareholders’ agreement with Shine I FIP on Thursday, creating shared control of Braskem with equal board and executive nominations and decisions by consensus.
• Petrobras told Novonor it will not use its preemptive or tag-along rights tied to the sale, and it will keep 36.1% of Braskem’s total capital and 47% of voting shares.
• The agreement takes effect after Novonor’s stake transfers to the fund, and the two new controlling shareholders plan to submit a new company bylaws proposal.
• Braskem’s strained finances add urgency, with a reported R$11 billion net loss in 2025 and US$9.4 billion in debt, and IG4 says a restructuring plan will be presented by a new executive team once it takes office.
• Market reporting says banks including Bradesco, Itaú, Santander, Banco do Brasil and BNDES helped arrange the Novonor sale, valued by sources at about R$20 billion, which has not been confirmed by the companies.