Cade approved the sale of NSP Investimentos, a subsidiary of Novonor that controls Braskem, on Wednesday morning through a fund associated with businessman Nelson Tanure.
Braskem’s stocks responded positively to the purchase approval, reaching a high of 5.18% at 10:20 and trading at R $ 6.91. Despite some fluctuations, the stocks have maintained a strong performance throughout the day.
Braskem received a purchase offer from the Green Petrochemical Fund in May, but the exclusivity period ended in August without a deal. The company’s primary creditors and the IG4 manager then proceeded to discuss the sale of the company’s stake.
Novonor, which owns 50.1% of Braskem’s voting capital, has been attempting to sell its stake for several years without success in reaching a deal with various potential buyers such as Adnoc, LyondellBasell, Unipar Carbocloro, and J&F.
On Friday, the company announced that it had enlisted financial and legal advisors to help with a financial assessment and explore ways to improve its capital structure.
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