The new shareholders agreement establishes joint control between Petrobras and Shine I, requiring consensus on all board and general assembly resolutions. Each party gains the right to appoint an equal number of members to both the board of directors and executive committee, fundamentally altering Braskem’s governance structure from single-controller to shared authority. This framework replaces the previous arrangement where Novonor held majority control through its 50.1 percent voting stake.
Under the transaction finalized April 17 and disclosed April 21, Shine I acquires 50.1 percent of voting shares and 34.3 percent of total capital, while Novonor retains just four percent residual ownership. The payment structure involves no cash; instead, Shine I delivers debentures to NSP Investimentos, Novonor’s subsidiary, at a ratio of two first-series and one second-series obligation per acquired share. These debentures were previously purchased by the fund from FIDC Shine, a vehicle created to acquire Novonor’s debt from creditor banks.
The transaction stems from a December agreement in which IG4 purchased approximately R$20 billion in Novonor debt from major Brazilian banks, with Braskem shares serving as collateral. IG4 specializes in distressed and governance-challenged companies, having previously restructured Galvão Group’s environmental subsidiary into Iguá Saneamento. Braskem’s 2025 financials showed compressed petrochemical margins alongside liabilities exceeding R$11 billion related to subsidence damage from Alagoas salt extraction operations, creating pressure for operational improvements under the new ownership configuration.
This article was curated and published as part of our South American energy market coverage.
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