Petrobras Waives Preemptive and Tag-Along Rights in Braskem Stake Transfer Talks

Overview

• Petrobras said on Feb. 12 it will not exercise its preemptive purchase right or tag-along right under Braskem’s shareholder agreement.
• The board approved the waiver on Feb. 11 and authorized executive management to implement the decision.
• Petrobras will neither increase nor sell its roughly 47% voting stake, remaining a minority shareholder and long-term supplier under December contracts exceeding R$90 billion for up to 11 years.
• Novonor, which holds 50.1% and is in judicial recovery, has an exclusivity agreement for Shine (a FIDC advised by IG4) to assume debts in exchange for its Braskem shares.
• Petrobras said it will disclose material information upon receiving final terms, with the prospective transaction still under negotiation.