IG4 Secures 60-Day Exclusivity to Acquire Novonor’s Braskem Stake

Overview

• Novonor agreed to transfer all of its Braskem voting shares to an IG4-managed FIP, leaving Novonor with a 4% preferred stake without governance rights.
• Upon closing, the IG4-managed fund is set to hold 50.111% of Braskem’s voting capital and 34.323% of total capital under a new governance structure.
• A new shareholder agreement between the IG4 fund and Petrobras will establish co-control of Braskem, subject to final documentation within the 60-day exclusivity window and Cade review.
• IG4 said Braskem’s current management and advisors will remain in place as preparatory work proceeds on a comprehensive turnaround plan.
• Braskem shares rose about 4% after the announcement, which includes the purchase of credits previously held by Itaú, Santander, Bradesco, Banco do Brasil and BNDES via an FIDC.