Shine I Files OPA to Buy 100% of Braskem Shares

Overview

• Shine I, a private‑equity fund linked to IG4 Capital, filed a registration request for a public tender offer with the CVM and B3 on June 11, 2026 to acquire all ordinary and preferred Braskem shares.
• The draft offer would give minority holders the exact price paid to Novonor for its stake, treating ordinary and preferred shares the same on price.
• Consideration would be paid in debt instruments from NSP Investimentos consisting of two debentures of the first series and one debenture of the second series from NSP's second issuance, not in cash.
• The effective launch of the OPA depends on CVM and B3 review and registration, and a final administrative denial would void the judicial share‑sale agreement that underpins the deal.
• Markets reacted strongly to the filing with Braskem shares jumping about 11.1% and the move signals IG4's push to consolidate control of the petrochemical while minority shareholders face receiving tradable debt rather than equity.