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The negotiation expects Braskem to pay a total of R$1.2 billion in 10 annual installments starting in 2030. In a conference call to explain the company’s results in the third quarter of this year, company executives indicated that a total of R$18.1 billion had been saved, of which R$13.6 billion had already been paid.
The amount provides for full compensation “for any and all financial and non-pecuniary damages to the state,” including the cancellation of the lawsuit filed by the state of Alagoas, executives explained. According to the sources, the lack of a definition of the environmental tragedy was the main reason that led to intimidating new parties interested in the company that has been put up for sale since 2019.
Novonur (formerly Odebrecht) owns 50.1% of Braskem’s voting capital, while Petrobras owns 47%. The remaining shares are in the hands of minority shareholders. With the agreement in Alagoas, sources indicated that talks between Novonor and the IG4 Capital manager have progressed. This was the issue that initially halted businessman Nelson Tanor’s appetite for the company. According to sources, once the final terms are signed, the agreement must be sent to Cade, which regulates the competition in Brazil. This is expected to happen in the next few days.
IG4 is currently in exclusive negotiations with the creditor banks – Bradesco, Itaú, Santander, Banco do Brasil and BNDES – which acquired Braskem shares as collateral following Novonor’s judicial recovery process. Under the initial agreement, Novonor will still have a small stake in the company, and Novonor’s stake will be managed in the hands of the banks by IG4. On the other hand, Petrobras does not want to increase its stake in Braskem, but seeks to increase its management power in the company.
Asked about the talks between Novonor and IG4, Braskem CFO Felipe Gens said in a conference call that this was not a matter related to the company’s management.
We are not part of these negotiations and we did not attend any meeting in which this issue was discussed. This is something that falls exclusively under the jurisdiction of Novonor, our controlling company, along with the banks and IG4. We are periodically informed by Novonor of potential progress in these negotiations, always in writing, and upon receipt of such information, we disclose a relevant fact. Therefore, I have no new news to share on this topic. “I hope everything continues to go well and a good outcome will be reached,” he said.
While final-stage shareholder talks continue, company executives emphasized that Braskem remains focused on implementing its resilience program initiatives, which aim to generate value, increase cash generation and reduce expenses.
On the other hand, when asked about the appointment of a financial advisor in September this year, as part of the company’s reorganization, Jens stated that the work is well underway and that there is still no definition or final decision on the new capital structure.
As of September 30, 2025, Braskem’s net debt was $7.1 billion, an increase of $309 million in the quarter. The total debt stock was US$8.4 billion, in line with the amount provided at June 30, 2025. At the end of the period, foreign currency corporate debt represented 90% of the company’s total debt. In the third quarter, the company reduced its losses to R$26 million, compared to losses of R$592 million recorded in the same period of 2024.
We will continue to keep all investors and the market informed of any potential fundamental developments related to this issue. We do what we set out to do. He said: We are systematically achieving the goals we have set.
Following rumors that Braskem was considering selling assets, such as industrial polypropylene production units in Texas, Pennsylvania and West Virginia, the CEO said nothing was in progress, but made clear that any and all possibilities for monetizing the company’s assets follow a rational logic to generate value for shareholders. He also highlighted that this topic is included in discussions on economic and financial alternatives for reorganizing Braskem’s capital structure.
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