Brazil's Braskem jumps 4.9% after request for tender offer

Brazil's Braskem S.A. (BAK) saw its shares rise by 4.9% following the announcement that Shine I, a private equity fund managed by IG4 Capital, is expected to launch a mandatory tender offer for the company’s outstanding shares. The tender offer is part of a broader agreement under which Novonor and NSP Investimentos are selling their controlling stake in Braskem to Shine I, pending regulatory and legal approvals. The transaction involves the sale of approximately 50.1% of Braskem’s voting capital and 34.3% of its total share capital, with NSP retaining a 4% stake. Petrobras, which holds a significant minority stake, is currently reviewing the terms of the deal.

The deal is expected to lead to a revised shareholders’ agreement and a restructured governance framework for Braskem, with Shine I and Petrobras working to finalize the terms ahead of a shareholder meeting on 29 April. Market participants are watching closely as the company navigates weak petrochemical margins and subsidence liabilities in northeastern Brazil, while also managing near-term debt obligations. The stock has gained approximately 15% year-to-date, reflecting investor optimism about the transition in ownership and potential operational improvements.