Brazil’s anti-trust regulator, the Administrative Council for Economic Defence (CADE), has approved private equity firm IG4 Capital’s acquisition of a controlling interest in petrochemical company Braskem from Novonor.
According to a regulatory document cited by Reuters, CADE’s general superintendence has approved the agreement, which was announced by the companies in December 2025, without any restrictions.
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The deal involving Novonor and IG4 Capital represents a transfer of control valued at around 20bn reais in credit secured by Braskem shares and held by some of Brazil’s largest banking institutions.
The approval will become official unless an appeal is lodged within 15 days by any third party or CADE’s administrative tribunal.
The transaction will see IG4 Capital share control of Braskem with Petrobras, the state-owned oil corporation that is currently the second-largest shareholder in the petrochemical company.
Novonor will maintain a minor stake of 4% in Braskem.
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By GlobalDataIG4 plans to convert Novonor’s debt into equity through a debt-to-equity swap, enabling control over Braskem without direct share purchase.
According to information on CADE’s website, the ruling also authorises the acquisition of Novonor-linked credit rights by Shine I FIDC, backed by Braskem shares.
Shine I FIDC acts as the conduit through which the controlling shares in Braskem will be transferred. This fund was established as part of Novonor’s asset restructuring plan.
CADE initially conducted an extensive review, starting in February, due to concerns about the implications of having an investment fund integrated into Braskem’s capital structure.
Braskem has confirmed that any definitive outcomes are still subject to the completion of this review period and adherence to various stipulations related to Novonor’s restructuring efforts.
Novonor has been undergoing judicial recovery and plans to divest most of its holding in Braskem while maintaining a small stake as part of its recovery strategy.
