Petrobras Moves to Assert Its Rights in Braskem Control Fight

Petrobras, Brazil’s state-run oil giant, is making sure it does not get sidelined as control of Braskem, Latin America’s top plastics maker, is on the line.

The company asked Brazilian competition regulator Cade to let it formally join the ongoing review of a proposed sale of a controlling stake in Braskem.

This stake belongs to Novonor (formerly Odebrecht), which owns 50.1% and urgently needs cash to pay around $2.47 billion in debts as it works through bankruptcy proceedings.

Petrobras owns nearly 47% of Braskem’s voting shares, making it almost an equal partner. Businessman Nelson Tanure wants to buy Novonor’s stake for about R$7.7 billion ($1.38 billion).

Cade approved the deal in July 2025, but Petrobras legally has two key options: it can match Tanure’s offer (right of first refusal) or demand Tanure also buy its shares under the same terms (tag-along right).

Petrobras has not committed to either path and stresses all decisions must be based on technical and financial analysis. This fight is not just numbers. Braskem is crucial for Brazil’s chemical industry.

It supplies everything from plastic packaging to vehicle parts, relying on raw materials from Petrobras. In early 2025, Braskem earned a profit of $114 million, bouncing back from major 2024 losses.

Braskem Deal Talks Stir Power Struggle Over Industry Control

The company still faces unresolved costs for environmental damage in Maceió, where a Braskem mine caused land to collapse and forced residents out. Tanure made a name fixing troubled companies.

If his deal goes through, Braskem’s board and future business direction could shift. Large banks and the government development bank BNDES, who hold Novonor’s pledged shares as loan collateral, must approve any sale.

Because those shares now are worth far less than Novonor’s debts, the banks have a big say. Petrobras wants to increase its influence on Braskem’s board and protect its investment and Brazil’s industrial supply chain.

Its officials say Petrobras’ board representation should reflect its high shareholding, which is not the case now. What happens next matters for much more than just corporate boardrooms.

Whoever gains control of Braskem will shape jobs, product prices, and industry growth across Brazil. Petrobras’ response aims to keep the process transparent, fair, and aligned with what Brazilian industry needs — not just financial interests.