Novonor Exits Control of Braskem in Deal With IG4 Capital

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Researched by IIR News Intelligence (Sugar Land, Texas)--Brazilian private equity firm IG4 Capital has reached an agreement that could reshape the ownership structure of petrochemical giant Braskem, paving the way for IG4 to assume joint control of the company alongside state-run oil major Petrobras. The transaction would mark the exit of Novonor, formerly known as Odebrecht, as Braskem's controlling shareholder, while leaving it with a small minority stake.

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Under the proposed arrangement, IG4 will acquire a large portion of Novonor's outstanding debt with major Brazilian lenders--including Itaú, Santander, Banco do Brasil, Bradesco and development bank BNDES--that is secured by Braskem shares. Novonor would then transfer its controlling shares to an investment fund backed by IG4. The deal includes a 60-day period to finalize terms.

If completed, IG4 and Petrobras would share control of Braskem, with Petrobras expected to gain greater influence over corporate governance. The oil company anticipates an additional seat on Braskem's board, as well as the right to appoint half of the company's executive-level directors. New management at Braskem is expected by March 2026.

For Petrobras, the move aligns with a long-standing strategy to deepen its involvement in Braskem, citing potential operational and strategic synergies between the two companies. For Novonor, the transaction represents a significant step toward reducing a heavy debt load accumulated in the aftermath of the "Car Wash" corruption scandal, when Braskem shares were pledged as collateral for large loans.

Braskem has faced multiple challenges in recent years, including compressed petrochemical margins and substantial liabilities linked to ground subsidence caused by historical salt mining operations in the city of Maceió, in northeastern Brazil. Market participants view the arrival of a new controlling shareholder as a potential catalyst for strengthening the company's financial position and long-term strategy.

Novonor said the exclusivity period is intended to allow all parties to complete the transaction in a way that enhances value for Braskem and supports its future development, adding that all capital investment plans are expected to move forward once the agreement is completed.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).