Braskem (BAK) said it received notice that Novonor and its unit NSP Investimentos entered into a judicial agreement to sell their controlling stake in the petrochemical producer to the IG4-advised Shine I FIP fund, according to a Monday regulatory filing.

Under the agreement, Shine I FIP will acquire 226.3 million common shares and 47.3 million class A preferred shares, representing about 50.1% of Braskem's voting capital and 34.3% of its total share capital, the filing said. NSP Investimentos will retain 31.9 million class A preferred shares, equal to about 4% of Braskem's total capital.

The transaction remains subject to several conditions, including required judicial approvals, remaining regulatory clearances, and confirmation that Petrobras (PBR) will not exercise its preemptive or tag-along rights under the shareholders' agreement, the filing said.

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