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Bond Market News
Novonor-Tanure Talks Over Braskem Sale Continue; S&P Downgrades Braskem to BB-
August 25, 2025
Talks between Novonor and Tanure continue despite the end of a 90-day exclusive negotiation deadline for a controlling stake in Braskem, as per a filing. The exclusivity window closed without both parties reaching an arrangement. Sources said that Petroquimica Verde, the Tanure-linked fund, will not proceed until it is assured that the liabilities arising from the lawsuit over Braskem’s salt-mining operations in Maceio will not be transferred to new shareholders and creditors. Tanure himself had earlier called a settlement with affected entities a sine qua non condition for the deal, and a second source confirmed that resolving the liability issue has been fundamental since the outset. Sources added that Novonor’s decision to continue discussions keeps the possibility of a deal open while also sending a signal to banks that were wary of the unresolved risks.
Meanwhile, S&P downgraded Braskem S.A. to BB- from BB and placed the rating on CreditWatch Negative after the company reported weak 2Q2025 results. EBITDA fell sharply due to lower petrochemical spreads, global trade pressures, and costly inventory purchased in prior quarters.
Braskem’s 8.00% 2034s are trading stable at 68.27, yielding 14.33%.
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