Lawyer Builds 5% Stake in Braskem’s Class B Preferred Shares as Control Shift Nears

Disclosure comes as the petrochemical company moves toward a deal reshaping its ownership structure.

Jan 21, 2026 7:48 PM

By Brazil Stock Guide – Braskem (BRKM3, BRKM5, BRKM6; NYSE: BAK) (BRKM3, BRKM5, BRKM6; NYSE: BAK) said it received notice that a major equity investor has crossed the 5% disclosure threshold in one specific class of its preferred shares, at a time when the company is nearing the conclusion of a long-awaited change of control. Lawyer Victor Adler now holds 5.013% of Braskem’s class B preferred shares following stock-exchange transactions carried out through Jan. 16, according to a market filing.

The position totals 24,000 class B preferred shares and triggered mandatory disclosure under Brazilian securities regulation. The stake, however, is confined to a very small and less liquid segment of Braskem’s capital structure. The company has just 478,790 class B preferred shares outstanding, compared with 451.7 million common shares and 345.1 million class A preferred shares.

In the correspondence sent to the company, Adler said the acquisition is for investment purposes only, with no intention to influence management, governance or corporate control. The investment does not confer voting power over common shares and does not affect the current balance among Braskem’s controlling shareholders.

The move comes as Braskem advances toward finalizing a transfer of control. Novonor, formerly known as Odebrecht, signed an agreement with private equity firm IG4 Capital, led by Paulo Mattos, under which the fund will take ownership of shares previously pledged by Novonor to banks as collateral.

Market participants expect approval from Brazil’s antitrust authority in the coming days, with the transaction likely to close by the end of February. Petrobras, a key shareholder, will remain a partner in the company under the new ownership structure.

Adler is regarded as a major equity investor in Brazil, with a track record of building positions in publicly traded companies and participating in complex corporate situations. He is known for investments in Eternit and Oi and has previously served as chief executive of brokerage Vic DTVM. He has also held board seats at industrial and chemical groups including Unipar, Confab and Forjas Brasileiras.

While the stake does not alter Braskem’s control on its own, the disclosure underscores heightened investor scrutiny as the petrochemical group approaches the final stage of a pivotal ownership transition.