Novonor, the Brazilian petrochemical conglomerate, entered into an agreement to transfer its 50.1 % voting stake and 38.3 % of total shares in Braskem S.A. to private‑equity firm IG 4 Capital. The deal is structured as a debt‑for‑equity swap: IG 4 will assume Novonor’s outstanding debt that is secured by Braskem shares, and in return will receive a controlling interest in the company, while Novonor will retain a small minority holding.
Novonor’s debt load has been a long‑standing overhang on Braskem’s valuation. The debt, accumulated during the Car Wash corruption investigation, was pledged against Braskem shares and has limited the conglomerate’s ability to raise new capital. By converting that debt into equity, IG 4 removes the collateral requirement and gives Novonor a reduced exposure, allowing the conglomerate to focus on its core operations while freeing Braskem from a significant financial burden.
IG 4 Capital specializes in distressed assets and corporate turnarounds. Its entry is expected to bring a disciplined cost‑control program and a strategic review of Braskem’s portfolio, including the company’s environmental liabilities from the Maceió subsidence disaster. IG 4 has indicated it will work with Braskem’s management to address these liabilities, potentially unlocking value that has deterred other buyers. The firm’s experience in restructuring complex asset portfolios positions it to navigate the regulatory and environmental challenges that have historically slowed Braskem’s growth.
Petrobras, which holds 47.0 % of Braskem’s voting shares and 36.1 % of total shares, has given its consent to the transaction. Petrobras’ approval is crucial because any change in control requires the consent of the co‑control holder. The agreement signals that Petrobras is comfortable with IG 4’s plan and believes the restructuring will enhance Braskem’s long‑term prospects, thereby maintaining its strategic partnership with the company.
Market analysts have reacted positively to the announcement, citing the resolution of Novonor’s debt and the potential for a more focused capital allocation strategy under IG 4’s stewardship. The deal is viewed as a step toward stabilizing Braskem’s ownership structure and addressing long‑standing environmental liabilities, which could improve investor confidence and unlock shareholder value.
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