Brazil's antitrust watchdog approves private equity firm's controlling stake purchase in Braskem
The general superintendence of Brazil's antitrust watchdog CADE approved the agreement for private equity firm IG4 Capital to buy a controlling stake in petrochemical firm Braskem from conglomerate Novonor.
The agreement, which had been announced by the companies in December, was approved by the superintendence without restrictions, according to the CADE document.
The decision will become a definitive green light for the deal in 15 days if no appeals are filed by third parties or the watchdog's administrative tribunal.
The approval follows a report by local newspaper Valor Economico earlier on Friday that IG4 was considering leaving the deal due to what it saw as CADE's lateness in approving the deal.
Under the deal, IG4 would share control of Braskem with state-run oil giant Petrobras, the petrochemical firm's second-largest investor, while Novonor would retain a 4% stake.
Comments