Brazil’s Novonor and NSP Investimentos have reached an agreement to sell petrochemical producer Braskem to Shine I, a private equity fund managed by IG4 Capital, according to a report by Reuters citing company statements on Monday.
IG4 said the transaction is expected to close within the next 30 days, pending regulatory and legal approvals. Over the same period, Shine I and Petrobras are set to finalise a revised shareholders’ agreement defining the future governance structure of Braskem.
The deal covers the sale of common and Class A preferred shares representing roughly 50.1% of Braskem’s voting capital and around 34.3% of total share capital, with NSP retaining a 4% stake in the company.
As part of the transaction framework, Shine I is also expected to launch a mandatory tender offer for remaining outstanding shares, both common and preferred.
Petrobras, which currently holds 47% of Braskem’s voting shares and 36.1% of total equity, said it is reviewing the terms of the deal before deciding on any waiver-related rights.
Market reaction was positive, with Braskem shares rising around 3% on Monday. The stock has gained approximately 15% year-to-date, supported by investor expectations that Novonor would exit its controlling position, first signalled in late 2024.
The updated governance structure is expected to balance control between Shine I and Petrobras, with a new board and executive team anticipated following a shareholder meeting scheduled for 29 April.
Sources indicate that IG4 managing director Helcio Tokeshi is likely to be appointed chief executive, while Carlos Brandao, currently head of operations at IG4, is expected to take on the role of chief financial officer. IG4 representatives declined to comment on the appointments.
The restructuring comes as Braskem continues to face pressure from weak petrochemical margins and liabilities linked to subsidence issues in northeastern Brazil caused by historic salt mining activities.
The company is also managing significant near-term debt obligations and is reportedly evaluating legal options as it seeks to avoid a formal restructuring process.
