São Paulo court clears IG4 Capital's acquisition of Braskem control

The São Paulo Court of Justice rejected Banco Safra's request to suspend the sale of a controlling stake in petrochemical giant Braskem to the investment fund IG4 Capital's vehicle FIP Shine. The judge ruled that the bank's allegations of an unlawful, non‑competitive transaction were not sufficient to overturn the lower‑court decision.

The approved deal transfers 34.3% of Braskem’s share capital, valued at roughly R$ 2.824 billion. It proceeds while the company navigates a restructuring of about R$ 60 billion of debt, with Safra holding over R$ 500 million in creditor claims.