June 3 (Reuters) – Private equity management firm IG4 Capital and Brazilian state-run oil company Petrobras on Wednesday became the co-controllers of petrochemical firm Braskem, completing a deal signed in April, IG4 said in a statement.
- Under the new ownership structure, IG4, through investment fund Shine, will hold 50.1% of Braskem’s voting shares, it said.
- Petrobras will continue to hold 47% of voting shares, while Novonor, the previous controller, will keep 4% of non-voting shares.
- Braskem will hold a shareholders meeting on June 8 to elect new board members.
- IG4 also confirmed that a shared controlling agreement signed with Petrobras is now in effect.
- Braskem’s chair will be Petrobras CEO Magda Chambriard, chosen in a previous shareholders meeting.
- The deal marks the end of a long process, following several failed attempts by Novonor, formerly known as Odebrecht, to sell its stake in the petrochemical company.
- The new governance is seen as a potential turning point for Braskem, which has struggled with tight margins and liabilities tied to salt mining operations in northeastern Brazil.
Brazil Energy Insight 
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