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Bond Market News
Braskem’s Dollar Bonds Fall Amid Takeover Implications
June 5, 2025
Minority shareholders of Brazilian petrochemical giant Braskem are calling for a formal takeover bid, as per sources. This comes after Nelson Tanure signed a non-binding agreement with Novonor for the indirect control of Braskem. The agreement is not legally binding and includes a 90-day exclusivity period that begins after Petrobras expresses its position. NSP Investimentos, Novonor’s holding company, owns 38.2% of Braskem’s total capital and 50.11% of common shares. Petrobras is a minority shareholder owning 36.1% in Braskem. Sources said that the deal does not trigger tag along rights for minority shareholders in case of a change of control event. In related news, sources reported that 19.5% of the 203.3mn outstanding Braskem shares were sold short on May 30.
Braskem’s 7.125% 2029 dollar bonds fell by 1.9 points to 74.29, yielding 10.45%.
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