Weekly Report - 19 February 2026 (WR-26-07)

BRAZIL | Petrobras waives right to control Braskem. The state-controlled oil company Petrobras announced on 12 February that it will refrain from exercising its right to buy a controlling stake in the petrochemical producer Braskem, the largest petrochemical company in Latin America. Petrobras currently holds a 47.0% stake in Braskem, while the majority shareholder is Novonor, formerly known as Odebrecht. The Brazilian engineering and construction giant is planning to sell its 50.1% stake in Braskem to an investment fund called Shine. Under the current shareholders’ agreement, Petrobras has pre-emption rights which would give it preferential rights to buy the shares of the majority stakeholder, but the oil firm has decided not to exercise this right, clearing the way for Novonor to sell its shares to other investors.

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