<div id="readability-page-1"><div><p><span>By Nic Stone</span></p><p><span>Novonor is expected to close the sale of its stake in petrochemical company Braskem to a fund managed by IG4 sometime next week. The company, formerly known as Odebrecht, will retain a 4% stake in Braskem, a company that it has been trying to exit for some seven years. Novonor currently owns 38.3% of the total capital and 50.1% of the voting shares in Braskem, while Petrobras owns 36.1% of the total capital and 47% of the voting shares. These shares are currently pledged as collateral to creditor banks of Novonor, which will participate in the deal without enforcing debts that now total R$19bn (US$3.52bn). Braskem ended Q3 with net debt equivalent to nearly 15x Ebitda. </span></p><span> </span></div></div>

<p>Novonor is set to finalize the sale of its stake in Braskem to IG4 next week, retaining a 4% stake. Novonor owns 38.3% of Braskem's capital and 50.1% of voting shares, while Petrobras holds 36.1% of capital and 47% of voting shares. The shares are pledged as collateral to Novonor's creditor banks, with debts totaling R$19bn. Braskem's net debt is nearly 15x Ebitda.</p>

Brazil – Novonor nears IG4 Braskem sale