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Brazil Antitrust Regulator Approves IG4 Capital’s Bid for Control of Braskem

By  |  March 8, 2026

Brazil’s antitrust regulator has approved a proposed transaction that would allow asset manager IG4 Capital to acquire a controlling stake in petrochemical producer Braskem SA, marking a significant step toward reshaping the company’s ownership structure as it struggles with a difficult global market.

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    The decision by Brazil’s Administrative Council for Economic Defense, known as Cade, was announced Friday and clears a key regulatory hurdle for troubled conglomerate Novonor SA, which plans to sell its stake in Braskem as part of efforts to stabilize the petrochemical company, according to Bloomberg.

    Braskem has been grappling with weak demand and financial pressure amid a downturn in the global petrochemicals sector. The sale of Novonor’s controlling stake to IG4 Capital has been seen as a potential turning point for the company’s recovery strategy, per Bloomberg.

    However, Brazil’s state-controlled oil producer Petrobras, which shares control of Braskem with Novonor, has indicated that additional steps will be required before it considers injecting new capital into the company. Petrobras has said a new shareholders agreement would need to be negotiated first, according to Bloomberg.

    The regulatory approval comes after concerns that the transaction might collapse due to delays. Newspaper Valor Econômico previously reported that IG4 Capital was considering abandoning negotiations to purchase the controlling stake from Novonor amid uncertainty surrounding regulatory approval.

    Braskem’s financial position has also raised alarms. According to Valor Econômico, the company continues to burn through cash and could face the need to seek bankruptcy protection within the next two or three months. The newspaper cited an executive involved in the negotiations who was not named.

    Such a scenario would diverge from the conditions IG4 Capital had anticipated when entering negotiations, potentially altering the terms of the deal. Valor reported that the asset manager had signaled to banks it might withdraw from the transaction under those circumstances.

    Braskem declined to comment on the report from Valor Econômico. IG4 Capital did not immediately respond to requests for comment, and Petrobras also did not provide an immediate response regarding the report, according to Bloomberg.

    Petrobras Chief Executive Officer Magda Chambriard said Friday that Cade’s approval could still face a challenge before the regulator’s administrative tribunal, meaning the decision is not yet entirely final. Earlier the same day, Chambriard said the company was looking forward to reaching “an agreement with a new partner.”

    Under Brazil’s antitrust process, the approval issued by Cade’s superintendence will become definitive after 15 days unless a member of the agency’s board files an appeal or requests further review, per Bloomberg.

    The proposed takeover has its roots in a deal reached in December, when IG4 Capital and Novonor—formerly known as Odebrecht—signed a binding agreement with creditor banks. The arrangement involves the purchase of all of Novonor’s debt that is backed by Braskem shares, according to Bloomberg.

    Source: Bloomberg