December 17, 2025 11:24

A change in Braskem’s shareholder structure is taking shape. Novonor (formerly Odebrecht), one of the Brazilian petrochemical group’s main shareholders, has decided to divest its stake, transferring it to a private equity investor that will share ownership of Braskem with the other major shareholder, Petrobras.

The transaction will be carried out through the acquisition of bank credits secured by Braskem shares. The credits will be taken over by Shine I Fundo de Investimento em Direitos Creditórios (FIDC), a credit rights fund managed by Vórtx Capital and advised by IG4 Capital.

Novonor and Shine I FIDC have entered into a 60-day exclusivity agreement to negotiate the final structure of the transaction, which will also be subject to approval by Brazil’s antitrust authority, CADE.

Upon completion of the transaction, a fund advised by IG4 Capital will hold 50.111% of Braskem’s voting capital and 34.323% of the total share capital, while Novonor will retain preferred shares representing 4% of Braskem’s capital, without governance rights. Petrobras will continue to hold 47% of the voting shares and 36.1% of the total capital of Braskem.

Headquartered in Brazil, Braskem is the leading plastics producer in the Americas, with a strong focus on polyolefins and PVC, as well as basic chemicals and intermediates. At its Triunfo site, the company also produces renewable ethylene derived from bioethanol obtained from sugarcane, which is used for the subsequent production of bio-based polyethylene and EVA.

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