IG4 Group/Petrobras/Braskem Joint Control Acquisition

Detected April 7th, 2026

Summary

The European Commission received notification of IG4 Group's acquisition of joint control over Braskem S.A. alongside existing shareholder Petrobras. The transaction involves IG4 Capital Partners, acting through Shine Equity LP, acquiring shares currently held by Novonor S.A. in the Brazilian petrochemical company Braskem. The case is designated M.12316 under the EU Merger Regulation.

View original document View source feed page

What changed

IG4 Capital Partners Holding General Partner Limited (Jersey), advised by IG4 Capital Management LP, will acquire joint control over Braskem S.A. through the purchase of Novonor S.A.'s shares via affiliated entities of Shine Equity LP (Singapore). Braskem operates a global petrochemical platform across the Americas, Europe, and Asia serving customers in over 70 countries. Petrobras will retain its existing shareholding position. The proposed transaction qualifies for review under Article 3(2) of the EU Merger Regulation.

This is a routine merger notification under EC Short Form CO procedures. The Commission will assess whether the transaction raises competition concerns under EU merger control rules. Companies involved in related markets or supply chains should monitor proceedings to determine if their interests are affected. No compliance deadlines or penalties are specified in this notification document.

Source document (simplified)

Disclaimer : The Competition DG makes the information provided by the notifying parties in section 4 of Short Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

M.12316 - IG4 GROUP / PETROBRAS / BRASKEM SECTION 4 Description of the concentration IG4 Capital Partners Holding General Partner Limited, a company incorporated in Jersey (together with its affiliated entities, the IG4 Group) whose ultimate controlling parent entity is IG4 Capital Management LP (Jersey), will, through affiliated entities of Shine Equity LP (Shine Equity), a Singapore limited partnership advised by the IG4 Group as specialised consultant, acquire joint control over Braskem S.A., a company headquartered in Brazil (Braskem), alongside Braskem's existing shareholder Petróleo Brasileiro S.A., also headquartered in Brazil (Petrobras), within the meaning of Article 3(2) of the Merger Regulation (the Proposed Transaction).The Proposed Transaction will be implemented through the acquisition by Shine Equity of the shares currently held in Braskem by Novonor S.A., a Brazilian-headquartered company. Petrobras' shareholding in Braskem will remain unchanged. The activity of the undertakings concerned are:

IG4 Group: IG4 Group is an alternative investment manager focused on emerging markets
with a strategy centered on complex financial and operational restructurings and special situations.
Petrobras: Petrobras is a mixed‑capital oil and gas company incorporated by the Brazilian
Federal Government, operating across three core segments: Exploration & Production, Refining/Transportation/Trading (including petrochemicals and fertilizers), and Gas & Low Carbon Energies (including natural gas logistics and trading, LNG, power generation, and certain renewables/low‑carbon activities). Petrobras owns and operates 10 refineries in Brazil, predominantly in the Southeast.
Braskem: Braskem operates an integrated, global petrochemical platform spanning the
Americas, Europe, and Asia, serving customers in more than 70 countries.

Commission européenne/Europese Commissie, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË - Tel. +32 22991111