In December 2025, Novonor entered an exclusivity agreement with Shine, a fund backed by IG4 Capital, specializing in corporate recoveries, to transfer its controlling shares. The deal involves Shine assuming approximately 20 billion reais in debt owed by Novonor to Brazilian banks and BNDES, with Braskem shares used as collateral. The transaction effectively swaps debt for equity control without direct cash purchase of shares, a structure supported by financial creditors seeking partial recovery.
This shift in ownership is pending regulatory approval from Brazil’s antitrust authority (CADE) and finalization of negotiation terms. Petrobras maintains a significant supplier role, having renewed long-term supply contracts exceeding R$90 billion, underpinning its strategic partnership with Braskem despite relinquishing control ambitions. The petrochemical operates plants in Brazil, the U.S., Germany, and Mexico, serving over 70 countries with about 8,000 employees.
Braskem’s financial challenges recently intensified following revelations of a delayed R$3.6 billion debt payment to Banco do Brasil, which was subsequently transferred to a high-risk credit management fund. Credit rating agencies downgraded Braskem reflecting ongoing debt servicing risks and the sector’s cyclical headwinds. Petrobras’ strategic withdrawal from acquiring Novonor’s stake highlights a cautious approach to capital allocation amid uncertain recovery timelines projected beyond 2030. The transition to IG4’s stewardship marks a new restructuring phase for Latin America’s largest petrochemical player.
This article was curated and published as part of our South American energy market coverage.
