By Brazil Stock Guide – Petrobras (B3: PETR3, PETR4; NYSE: PBR) said on late Tuesday (Dec. 23) that it chose to take part in the submission to antitrust regulator Cade of a potential transaction involving Braskem (B3: BRKM3, BRKM5, BRKM6; NYSE: BAK) in order to ensure greater speed in the regulatory approval process, while stressing that the move does not represent a final decision on the company’s control structure nor affect Petrobras’ rights under the existing shareholders’ agreement.
According to Petrobras, the filing was carried out by Shine I Fundo de Investimento em Direitos Creditórios (FIDC), a vehicle created by IG4 Capital to receive and reorganize a substantial portion of the financial liabilities of Novonor, which jointly controls Braskem alongside Petrobras. The state-owned oil company said it is acting as a consenting intervenor in the antitrust process precisely to streamline the review of a potential operation linked to a possible new shareholders’ agreement.
The Shine vehicle concentrates around R$ 20 billion in bank claims against Novonor, liabilities that underpin the agreement signed between the holding company and IG4. Under that arrangement, the private equity firm aims to take control of Braskem by restructuring Novonor’s debt, paving the way for a transfer of the shareholding stake currently held by the group.
Petrobras emphasized that any potential adherence to a new shareholders’ agreement remains conditional on the conclusion of the transaction’s final terms, a review of its preemptive and tag-along rights under the existing agreement, and the company’s internal approval processes. The company added that the progress of negotiations and the submission to Cade do not anticipate decisions nor restrict the future exercise of those rights.
The company said it will continue to monitor the effects of the potential transaction and reiterated that any definitive decision will follow its governance practices, internal procedures and the relevant regulatory approvals, with timely disclosure to the market once a conclusive decision is reached.
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