Novonor Continues Talks to Sell Braskem Stake Amid Environmental Liability Concerns

As of August 22nd, 2025, the negotiations between Brazilian firm Novonor, formerly known as Odebrecht, and a fund backed by businessman Nelson Tanure for the sale of a controlling stake in petrochemical company Braskem are still ongoing. The exclusivity window for the talks has closed without the parties reaching an agreement, primarily due to concerns over environmental liabilities.

The Tanure-linked investment fund, Petroquimica Verde, is hesitant to proceed with the acquisition until they can be certain that the environmental damages caused by Braskem's salt mines, which have led to sinking ground and forced evacuations in the city of Maceio, will not be transferred to the new owners and creditors. Earlier this month, Tanure had stated that resolving this environmental liability issue was a "sine qua non (condition)" for the deal to move forward.

Meanwhile, private equity firm IG4 Capital is working to launch a rival bid for Braskem's controlling stake. IG4 aims to consolidate Novonor's bank debt and exchange it for Braskem shares, potentially providing an alternative path for the sale.

Despite the ongoing negotiations, Novonor's decision to continue talks with Tanure's fund keeps the door open for a potential deal, though it also sends an important signal to banks that were uncomfortable with the environmental liability situation.