Novonor, the former Odebrecht group, and its holding company NSP Investimentos agreed in a judicial settlement disclosed on 20 April to transfer control of Brazilian petrochemicals producer Braskem to Shine I FIP, an investment fund advised by IG4 Capital.
Why Shine I FIP (fund advised by IG4 Capital) is buying Braskem S.A. (controlling stake)
The transfer settles debt secured on Novonor's Braskem shares: the fund, which holds debentures issued by NSP, takes the shares in exchange for those debentures. It comes as Braskem contends with a petrochemical downturn, high leverage and liabilities from ground subsidence in Maceió.
Deal terms and financing
Shine I acquires 226.3m common and 47.3m class A preferred shares, about 50.1% of voting capital and 34.3% of total capital, while NSP keeps 31.9m preferred shares, about 4% of the capital, without voting rights. No cash purchase price was disclosed.
Regulatory approvals and timing
The deal required court authorisations and confirmation that Petrobras would not exercise its pre-emptive or tag-along rights. In a material fact on 23 April Braskem said Petrobras had waived those rights and signed a new shareholders' agreement with Shine I governing shared control, and that all antitrust approvals had been obtained. Braskem announced completion of the transfer on 4 June 2026 and said it planned a tender offer for outstanding shares, subject to approval by the CVM.
Market context
Shine I is linked to administrator Vórtx and advised by IG4. Braskem's debt rose as the global petrochemical cycle weakened and interest rates increased, and it entered an extrajudicial restructuring process.
