[6-K] Braskem S.A. American Current Report (Foreign Issuer)
Braskem S.A. (NYSE: BAK) disclosed that controlling shareholder Novonor and potential buyer Petroquímica Verde FIP have formally notified Brazil’s antitrust authority (CADE) to seek approval for a possible transfer of Novonor’s stake held through NSP Investimentos. The filing is an early but necessary step toward a transaction first flagged on May 23, 2025.
The companies emphasize that no binding agreement has yet been signed. Completion remains contingent on (i) CADE clearance, (ii) Novonor’s compliance with its shareholders-agreement obligations to Petrobras, and (iii) successful negotiations with creditor banks that currently hold fiduciary liens on Novonor’s Braskem shares. Management provided no financial terms or timeline.
- The move could reshape Braskem’s ownership structure, potentially easing Novonor’s financial distress and introducing a new strategic partner.
- However, multiple approvals and creditor negotiations create execution risk and timing uncertainty.
Braskem S.A. (NYSE: BAK) ha comunicato che l'azionista di controllo Novonor e il potenziale acquirente Petroquímica Verde FIP hanno ufficialmente notificato all'autorità antitrust brasiliana (CADE) la richiesta di approvazione per un possibile trasferimento della quota di Novonor detenuta tramite NSP Investimentos. La segnalazione rappresenta un passaggio preliminare ma necessario verso una transazione inizialmente annunciata il 23 maggio 2025.
Le società sottolineano che non è stato ancora firmato alcun accordo vincolante. Il completamento dipende da (i) l'approvazione di CADE, (ii) l'adempimento da parte di Novonor degli obblighi previsti dall'accordo tra azionisti con Petrobras, e (iii) il successo delle trattative con le banche creditrici che detengono attualmente vincoli fiduciari sulle azioni Braskem di Novonor. La direzione non ha fornito dettagli sui termini finanziari né sui tempi previsti.
- Questa operazione potrebbe modificare la struttura proprietaria di Braskem, alleviando potenzialmente le difficoltà finanziarie di Novonor e introducendo un nuovo partner strategico.
- Tuttavia, le numerose approvazioni richieste e le trattative con i creditori comportano rischi di esecuzione e incertezze sui tempi.
Braskem S.A. (NYSE: BAK) informó que el accionista mayoritario Novonor y el posible comprador Petroquímica Verde FIP han notificado formalmente a la autoridad antimonopolio de Brasil (CADE) para solicitar la aprobación de una posible transferencia de la participación de Novonor a través de NSP Investimentos. La presentación es un paso inicial pero necesario hacia una transacción anunciada por primera vez el 23 de mayo de 2025.
Las compañías enfatizan que aún no se ha firmado ningún acuerdo vinculante. La finalización depende de (i) la aprobación de CADE, (ii) el cumplimiento por parte de Novonor de sus obligaciones según el acuerdo de accionistas con Petrobras, y (iii) el éxito en las negociaciones con los bancos acreedores que actualmente tienen gravámenes fiduciarios sobre las acciones de Braskem de Novonor. La administración no proporcionó términos financieros ni cronograma.
- Esta acción podría cambiar la estructura accionaria de Braskem, aliviando posiblemente las dificultades financieras de Novonor e introduciendo un nuevo socio estratégico.
- Sin embargo, múltiples aprobaciones y negociaciones con acreedores generan riesgos en la ejecución e incertidumbre en los tiempos.
Braskem S.A. (NYSE: BAK)는 최대 주주 Novonor와 잠재적 구매자 Petroquímica Verde FIP가 브라질 공정거래위원회(CADE)에 공식적으로 통지하여 NSP Investimentos를 통해 보유한 Novonor의 지분 이전 승인을 요청했다고 밝혔습니다. 이 신고는 2025년 5월 23일 처음 언급된 거래를 위한 초기이지만 필수적인 단계입니다.
양사는 아직 구속력 있는 계약이 체결되지 않았다고 강조했습니다. 거래 완료는 (i) CADE 승인, (ii) Novonor가 Petrobras와의 주주 간 계약 의무를 준수하는 것, (iii) 현재 Novonor의 Braskem 주식에 대해 신탁권을 보유한 채권은행과의 협상이 성공적으로 이루어지는 것에 달려 있습니다. 경영진은 재무 조건이나 일정에 대해 언급하지 않았습니다.
- 이번 조치는 Braskem의 소유 구조를 재편할 수 있으며, Novonor의 재정난 완화와 새로운 전략적 파트너 도입이 가능할 수 있습니다.
- 하지만 여러 승인과 채권자 협상으로 인해 실행 위험과 일정 불확실성이 존재합니다.
Braskem S.A. (NYSE : BAK) a révélé que l'actionnaire majoritaire Novonor et l'acheteur potentiel Petroquímica Verde FIP ont formellement notifié l'autorité antitrust brésilienne (CADE) pour obtenir l'approbation d'un éventuel transfert de la participation de Novonor détenue via NSP Investimentos. Cette démarche constitue une étape préliminaire mais nécessaire vers une transaction initialement annoncée le 23 mai 2025.
Les entreprises soulignent qu'aucun accord contraignant n'a encore été signé. La finalisation dépend de (i) l'approbation de la CADE, (ii) le respect par Novonor de ses obligations au titre de l'accord d'actionnaires avec Petrobras, et (iii) la réussite des négociations avec les banques créancières détenant actuellement des sûretés fiduciaires sur les actions Braskem de Novonor. La direction n'a fourni ni conditions financières ni calendrier.
- Cette opération pourrait modifier la structure actionnariale de Braskem, alléger potentiellement les difficultés financières de Novonor et introduire un nouveau partenaire stratégique.
- Cependant, les multiples approbations et négociations avec les créanciers engendrent des risques d'exécution et une incertitude quant au calendrier.
Braskem S.A. (NYSE: BAK) gab bekannt, dass der Mehrheitsaktionär Novonor und der potenzielle Käufer Petroquímica Verde FIP die brasilianische Wettbewerbsbehörde (CADE) formell über eine geplante Übertragung von Novonors Anteil über NSP Investimentos informiert haben, um eine Genehmigung zu erhalten. Die Meldung ist ein früher, aber notwendiger Schritt zu einer Transaktion, die erstmals am 23. Mai 2025 angekündigt wurde.
Die Unternehmen betonen, dass noch keine verbindliche Vereinbarung unterzeichnet wurde. Der Abschluss hängt ab von (i) der Freigabe durch CADE, (ii) der Einhaltung von Novonors Verpflichtungen aus dem Aktionärsvertrag mit Petrobras und (iii) erfolgreichen Verhandlungen mit den kreditgebenden Banken, die derzeit Treuhandrechte an Novonors Braskem-Aktien halten. Das Management machte keine Angaben zu finanziellen Konditionen oder Zeitplan.
- Der Schritt könnte die Eigentümerstruktur von Braskem verändern, Novonors finanzielle Belastung mindern und einen neuen strategischen Partner einführen.
- Mehrere Genehmigungen und Verhandlungen mit Gläubigern bergen jedoch Ausführungsrisiken und zeitliche Unsicherheiten.
- Regulatory progress: Formal CADE notification marks a concrete step toward resolving Novonor’s stake sale, reducing uncertainty around Braskem’s ownership.
- Governance potential: New controlling shareholder could eliminate the overhang from Novonor’s judicial reorganization and improve strategic focus.
- No binding agreement: Parties have yet to sign definitive documents, leaving valuation and terms unknown.
- Multiple contingencies: Deal requires antitrust approval, Petrobras consent and creditor negotiations, any of which could delay or derail the transaction.
Insights
TL;DR: CADE filing advances potential Novonor stake sale but deal still uncertain.
The notification to CADE is a procedural milestone that signals progress toward monetising Novonor’s 38.3% economic interest in Braskem (50.1% voting). If successful, the transaction could remove a longstanding overhang on the stock, improve governance and potentially lead to a control premium for minority holders. Yet valuation, creditor consent and Petrobras’ veto rights remain unresolved. Until a binding agreement and price emerge, the news is directionally positive but not value-definitive. I classify impact as "medium, still speculative."
TL;DR: Potential change-of-control could strengthen governance and strategic clarity.
Novonor’s distressed status has long complicated Braskem’s governance. The CADE submission indicates that a credible buyer is performing due diligence and willing to engage regulators—key signals that a governance revamp is realistically on the table. If Petroquímica Verde secures the stake, Braskem could benefit from a less encumbered controlling shareholder and clearer strategic directives. Regulatory review will examine market concentration, but Braskem’s diversified petrochemicals portfolio suggests manageable antitrust risk. I view the disclosure as positively impactful, though contingent on deal closure.
Braskem S.A. (NYSE: BAK) ha comunicato che l'azionista di controllo Novonor e il potenziale acquirente Petroquímica Verde FIP hanno ufficialmente notificato all'autorità antitrust brasiliana (CADE) la richiesta di approvazione per un possibile trasferimento della quota di Novonor detenuta tramite NSP Investimentos. La segnalazione rappresenta un passaggio preliminare ma necessario verso una transazione inizialmente annunciata il 23 maggio 2025.
Le società sottolineano che non è stato ancora firmato alcun accordo vincolante. Il completamento dipende da (i) l'approvazione di CADE, (ii) l'adempimento da parte di Novonor degli obblighi previsti dall'accordo tra azionisti con Petrobras, e (iii) il successo delle trattative con le banche creditrici che detengono attualmente vincoli fiduciari sulle azioni Braskem di Novonor. La direzione non ha fornito dettagli sui termini finanziari né sui tempi previsti.
- Questa operazione potrebbe modificare la struttura proprietaria di Braskem, alleviando potenzialmente le difficoltà finanziarie di Novonor e introducendo un nuovo partner strategico.
- Tuttavia, le numerose approvazioni richieste e le trattative con i creditori comportano rischi di esecuzione e incertezze sui tempi.
Braskem S.A. (NYSE: BAK) informó que el accionista mayoritario Novonor y el posible comprador Petroquímica Verde FIP han notificado formalmente a la autoridad antimonopolio de Brasil (CADE) para solicitar la aprobación de una posible transferencia de la participación de Novonor a través de NSP Investimentos. La presentación es un paso inicial pero necesario hacia una transacción anunciada por primera vez el 23 de mayo de 2025.
Las compañías enfatizan que aún no se ha firmado ningún acuerdo vinculante. La finalización depende de (i) la aprobación de CADE, (ii) el cumplimiento por parte de Novonor de sus obligaciones según el acuerdo de accionistas con Petrobras, y (iii) el éxito en las negociaciones con los bancos acreedores que actualmente tienen gravámenes fiduciarios sobre las acciones de Braskem de Novonor. La administración no proporcionó términos financieros ni cronograma.
- Esta acción podría cambiar la estructura accionaria de Braskem, aliviando posiblemente las dificultades financieras de Novonor e introduciendo un nuevo socio estratégico.
- Sin embargo, múltiples aprobaciones y negociaciones con acreedores generan riesgos en la ejecución e incertidumbre en los tiempos.
Braskem S.A. (NYSE: BAK)는 최대 주주 Novonor와 잠재적 구매자 Petroquímica Verde FIP가 브라질 공정거래위원회(CADE)에 공식적으로 통지하여 NSP Investimentos를 통해 보유한 Novonor의 지분 이전 승인을 요청했다고 밝혔습니다. 이 신고는 2025년 5월 23일 처음 언급된 거래를 위한 초기이지만 필수적인 단계입니다.
양사는 아직 구속력 있는 계약이 체결되지 않았다고 강조했습니다. 거래 완료는 (i) CADE 승인, (ii) Novonor가 Petrobras와의 주주 간 계약 의무를 준수하는 것, (iii) 현재 Novonor의 Braskem 주식에 대해 신탁권을 보유한 채권은행과의 협상이 성공적으로 이루어지는 것에 달려 있습니다. 경영진은 재무 조건이나 일정에 대해 언급하지 않았습니다.
- 이번 조치는 Braskem의 소유 구조를 재편할 수 있으며, Novonor의 재정난 완화와 새로운 전략적 파트너 도입이 가능할 수 있습니다.
- 하지만 여러 승인과 채권자 협상으로 인해 실행 위험과 일정 불확실성이 존재합니다.
Braskem S.A. (NYSE : BAK) a révélé que l'actionnaire majoritaire Novonor et l'acheteur potentiel Petroquímica Verde FIP ont formellement notifié l'autorité antitrust brésilienne (CADE) pour obtenir l'approbation d'un éventuel transfert de la participation de Novonor détenue via NSP Investimentos. Cette démarche constitue une étape préliminaire mais nécessaire vers une transaction initialement annoncée le 23 mai 2025.
Les entreprises soulignent qu'aucun accord contraignant n'a encore été signé. La finalisation dépend de (i) l'approbation de la CADE, (ii) le respect par Novonor de ses obligations au titre de l'accord d'actionnaires avec Petrobras, et (iii) la réussite des négociations avec les banques créancières détenant actuellement des sûretés fiduciaires sur les actions Braskem de Novonor. La direction n'a fourni ni conditions financières ni calendrier.
- Cette opération pourrait modifier la structure actionnariale de Braskem, alléger potentiellement les difficultés financières de Novonor et introduire un nouveau partenaire stratégique.
- Cependant, les multiples approbations et négociations avec les créanciers engendrent des risques d'exécution et une incertitude quant au calendrier.
Braskem S.A. (NYSE: BAK) gab bekannt, dass der Mehrheitsaktionär Novonor und der potenzielle Käufer Petroquímica Verde FIP die brasilianische Wettbewerbsbehörde (CADE) formell über eine geplante Übertragung von Novonors Anteil über NSP Investimentos informiert haben, um eine Genehmigung zu erhalten. Die Meldung ist ein früher, aber notwendiger Schritt zu einer Transaktion, die erstmals am 23. Mai 2025 angekündigt wurde.
Die Unternehmen betonen, dass noch keine verbindliche Vereinbarung unterzeichnet wurde. Der Abschluss hängt ab von (i) der Freigabe durch CADE, (ii) der Einhaltung von Novonors Verpflichtungen aus dem Aktionärsvertrag mit Petrobras und (iii) erfolgreichen Verhandlungen mit den kreditgebenden Banken, die derzeit Treuhandrechte an Novonors Braskem-Aktien halten. Das Management machte keine Angaben zu finanziellen Konditionen oder Zeitplan.
- Der Schritt könnte die Eigentümerstruktur von Braskem verändern, Novonors finanzielle Belastung mindern und einen neuen strategischen Partner einführen.
- Mehrere Genehmigungen und Verhandlungen mit Gläubigern bergen jedoch Ausführungsrisiken und zeitliche Unsicherheiten.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13A-16
OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of July, 2025
(Commission File No. 1-14862 )
BRASKEM S.A.
(Exact Name as Specified in its Charter)
N/A
(Translation of registrant's name into English)
Rua Eteno, 1561, Polo Petroquimico de Camacari
Camacari, Bahia - CEP 42810-000 Brazil
(Address of principal executive offices)
Indicate by check mark whether the registrant
files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form 40-F ______
Indicate by check mark if the registrant is
submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1). _____
Indicate by check mark if the registrant is
submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7). _____
Indicate by check mark whether the
registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ______ No ___X___
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____.
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BRASKEM S.A.
Corporate Taxpayer ID (CNPJ): 42.150.391/0001-70
Company Registry: 29.300.006.939
Publicly Held Company
MATERIAL FACT
Braskem S.A. ("Company" or "Braskem") (Ticker B3: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX:XBRK) informs its shareholders and the market in general that it was informed on this date by Novonor S.A. – In Judicial Reorganization ("Novonor") that NSP Investimentos S.A. – In Judicial Reorganization ("NSP Inv.") and Petroquímica Verde Fundo de Investimento em Participações – Multiestrategia notified the Administrative Council for Economic Defense (Conselho Administrativo de Defesa Econômica – CADE) requesting the authorization of the competition authority for a potential transaction involving the shares issued by NSP Inv. ("Transaction"), object of the Material Fact previously disclosed by the Company on May 23, 2025.
Novonor also informed that until this date, no definitive binding agreements have been executed in relation to the eventual Transaction, which remains subject to the usual assessments and confirmations in similar transactions. Among other conditions to which the eventual Transaction is subject, in addition to CADE's approval, the following are noteworthy: (i) compliance with the obligations assumed by Novonor towards Petróleo Brasileiro S.A. – Petrobras under Braskem's Shareholders' Agreement; and (ii) the satisfactory conclusion of negotiations with the banks holding the fiduciary assignments of Braskem shares indirectly held by Novonor.
Additional information can be obtained from the Investor Relations Department by phone at +55 (11) 3576-9531 or by email at braskem-ri@braskem.com.br.
São Paulo, July 7, 2025.
Felipe Montoro Jens
Chief Financial and Investor Relations Officer
Braskem S.A.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 7, 2025
| | BRASKEM S.A. | ||
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| | By: | /s/ Felipe Montoro Jens | |
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| | | Name: | Felipe Montoro Jens |
| | | Title: | Chief Financial Officer |
FORWARD-LOOKING STATEMENTS
This Material Fact may contain forward-looking statements. These statements are not historical facts, but rather are based on the current view and estimates of the Company's management regarding future economic and other circumstances, industry conditions, financial performance and results, including any potential or projected impact regarding the geological event in Alagoas and related legal procedures on the Company's business, financial condition and operating results. The words “project,” “believe,” “estimate,” “expect,” “plan”, “objective” and other similar expressions, when referring to the Company, are used to identify forward-looking statements. Statements related to the possible outcome of legal and administrative proceedings, implementation of operational and financing strategies and investment plans, guidance on future operations, the objective of expanding its efforts to achieve the sustainable macro objectives disclosed by the Company, as well as factors or trends that affect the financial condition, liquidity or operating results of the Company are examples of forward-looking statements. Such statements reflect the current views of the Company's management and are subject to various risks and uncertainties, many of which are beyond the Company’s control. There is no guarantee that the events, trends or expected results will actually occur. The statements are based on various assumptions and factors, including, but not limited to, general economic and market conditions, industry conditions and operating factors, availability, development and financial access to new technologies. Any change in these assumptions or factors, including the projected impact from the joint venture and its development of technologies, from the geological event in Alagoas and related legal procedures and the unprecedented impact on businesses, employees, service providers, shareholders, investors and other stakeholders of the Company could cause effective results to differ significantly from current expectations. For a comprehensive description of the risks and other factors that could impact any forward-looking statements in this document, especially the factors discussed in the sections, see the reports filed with the Brazilian Securities and Exchange Commission (CVM). This Material Fact does not constitute any offer of securities for sale in Brazil. No securities may be offered or sold in Brazil without being registered or exempted from registration, and any public offer of securities carried out in Brazil must be made through a prospectus, which would be made available by Braskem and contain detailed information on Braskem and its management, as well as its financial statements.
FAQ
What did Braskem (BAK) announce in its July 7 2025 Form 6-K?
Why is CADE’s approval important for Braskem’s stake sale?
What other conditions must be satisfied before the transaction can occur?
Does the 6-K specify a purchase price for Novonor’s stake?
How might the transaction affect Braskem shareholders?
