[6-K] Braskem S.A. American Current Report (Foreign Issuer)
Braskem S.A. (NYSE: BAK) disclosed that controlling shareholder Novonor and potential buyer Petroqu铆mica Verde FIP have formally notified Brazil鈥檚 antitrust authority (CADE) to seek approval for a possible transfer of Novonor鈥檚 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鈥檚 compliance with its shareholders-agreement obligations to Petrobras, and (iii) successful negotiations with creditor banks that currently hold fiduciary liens on Novonor鈥檚 Braskem shares. Management provided no financial terms or timeline.
- The move could reshape Braskem鈥檚 ownership structure, potentially easing Novonor鈥檚 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 Petroqu铆mica Verde FIP hanno ufficialmente notificato all'autorit脿 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 societ脿 sottolineano che non 猫 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 n茅 sui tempi previsti.
- Questa operazione potrebbe modificare la struttura proprietaria di Braskem, alleviando potenzialmente le difficolt脿 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) inform贸 que el accionista mayoritario Novonor y el posible comprador Petroqu铆mica Verde FIP han notificado formalmente a la autoridad antimonopolio de Brasil (CADE) para solicitar la aprobaci贸n de una posible transferencia de la participaci贸n de Novonor a trav茅s de NSP Investimentos. La presentaci贸n es un paso inicial pero necesario hacia una transacci贸n anunciada por primera vez el 23 de mayo de 2025.
Las compa帽铆as enfatizan que a煤n no se ha firmado ning煤n acuerdo vinculante. La finalizaci贸n depende de (i) la aprobaci贸n de CADE, (ii) el cumplimiento por parte de Novonor de sus obligaciones seg煤n el acuerdo de accionistas con Petrobras, y (iii) el 茅xito en las negociaciones con los bancos acreedores que actualmente tienen grav谩menes fiduciarios sobre las acciones de Braskem de Novonor. La administraci贸n no proporcion贸 t茅rminos financieros ni cronograma.
- Esta acci贸n podr铆a cambiar la estructura accionaria de Braskem, aliviando posiblemente las dificultades financieras de Novonor e introduciendo un nuevo socio estrat茅gico.
- Sin embargo, m煤ltiples aprobaciones y negociaciones con acreedores generan riesgos en la ejecuci贸n e incertidumbre en los tiempos.
Braskem S.A. (NYSE: BAK)電� 斓滊寑 欤检＜ Novonor鞕� 鞛犾灛鞝� 甑Г鞛� Petroqu铆mica Verde FIP臧� 敫岆澕歆� 瓿奠爼瓯半灅鞙勳洂須�(CADE)鞐� 瓿奠嫕鞝侅溂搿� 韱奠頃橃棳 NSP Investimentos毳� 韱淀暣 氤挫湢頃� Novonor鞚� 歆�攵� 鞚挫爠 鞀轨澑鞚� 鞖旍箔頄堧嫟瓿� 氚濏様鞀惦媹雼�. 鞚� 鞁犼碃電� 2025雲� 5鞗� 23鞚� 觳橃潓 鞏戈笁霅� 瓯半灅毳� 鞙勴暅 齑堦赴鞚挫毵� 頃勳垬鞝侅澑 雼硠鞛呺媹雼�.
巩戩偓电� 鞎勳 甑啀霠� 鞛堧姅 瓿勳暯鞚� 觳搓舶霅橃 鞎婌晿雼�瓿� 臧曥“頄堨姷雼堧嫟. 瓯半灅 鞕勲電� (i) CADE 鞀轨澑, (ii) Novonor臧� Petrobras鞕�鞚� 欤检＜ 臧� 瓿勳暯 鞚橂毳� 欷�靾橅晿電� 瓴�, (iii) 順勳灛 Novonor鞚� Braskem 欤检嫕鞐� 雽�頃� 鞁犿儊甓岇潉 氤挫湢頃� 毂勱秾鞚�頄夑臣鞚� 順戩儊鞚� 靹标车鞝侅溂搿� 鞚措（鞏挫電� 瓴冹棎 雼牑 鞛堨姷雼堧嫟. 瓴届榿歆勳潃 鞛 臁瓣贝鞚措倶 鞚检爼鞐� 雽�頃� 鞏戈笁頃橃 鞎婌晿鞀惦媹雼�.
- 鞚措矆 臁办箻電� Braskem鞚� 靻岇湢 甑“毳� 鞛幐頃� 靾� 鞛堨溂氅�, Novonor鞚� 鞛爼雮� 鞕勴檾鞕� 靸堧鞖� 鞝勲灥鞝� 韺岉姼雱� 霃勳瀰鞚� 臧�電ロ暊 靾� 鞛堨姷雼堧嫟.
- 頃橃毵� 鞐煬 鞀轨澑瓿� 毂勱秾鞛� 順戩儊鞙茧 鞚疙暣 鞁ろ枆 鞙勴棙瓿� 鞚检爼 攵堩檿鞁れ劚鞚� 臁挫灛頃╇媹雼�.
Braskem S.A. (NYSE : BAK) a r茅v茅l茅 que l'actionnaire majoritaire Novonor et l'acheteur potentiel Petroqu铆mica Verde FIP ont formellement notifi茅 l'autorit茅 antitrust br茅silienne (CADE) pour obtenir l'approbation d'un 茅ventuel transfert de la participation de Novonor d茅tenue via NSP Investimentos. Cette d茅marche constitue une 茅tape pr茅liminaire mais n茅cessaire vers une transaction initialement annonc茅e le 23 mai 2025.
Les entreprises soulignent qu'aucun accord contraignant n'a encore 茅t茅 sign茅. La finalisation d茅pend 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 r茅ussite des n茅gociations avec les banques cr茅anci猫res d茅tenant actuellement des s没ret茅s fiduciaires sur les actions Braskem de Novonor. La direction n'a fourni ni conditions financi猫res ni calendrier.
- Cette op茅ration pourrait modifier la structure actionnariale de Braskem, all茅ger potentiellement les difficult茅s financi猫res de Novonor et introduire un nouveau partenaire strat茅gique.
- Cependant, les multiples approbations et n茅gociations avec les cr茅anciers engendrent des risques d'ex茅cution et une incertitude quant au calendrier.
Braskem S.A. (NYSE: BAK) gab bekannt, dass der Mehrheitsaktion盲r Novonor und der potenzielle K盲ufer Petroqu铆mica Verde FIP die brasilianische Wettbewerbsbeh枚rde (CADE) formell 眉ber eine geplante 脺bertragung von Novonors Anteil 眉ber NSP Investimentos informiert haben, um eine Genehmigung zu erhalten. Die Meldung ist ein fr眉her, aber notwendiger Schritt zu einer Transaktion, die erstmals am 23. Mai 2025 angek眉ndigt wurde.
Die Unternehmen betonen, dass noch keine verbindliche Vereinbarung unterzeichnet wurde. Der Abschluss h盲ngt ab von (i) der Freigabe durch CADE, (ii) der Einhaltung von Novonors Verpflichtungen aus dem Aktion盲rsvertrag 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 k枚nnte die Eigent眉merstruktur von Braskem ver盲ndern, Novonors finanzielle Belastung mindern und einen neuen strategischen Partner einf眉hren.
- Mehrere Genehmigungen und Verhandlungen mit Gl盲ubigern bergen jedoch Ausf眉hrungsrisiken und zeitliche Unsicherheiten.
- Regulatory progress: Formal CADE notification marks a concrete step toward resolving Novonor鈥檚 stake sale, reducing uncertainty around Braskem鈥檚 ownership.
- Governance potential: New controlling shareholder could eliminate the overhang from Novonor鈥檚 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鈥檚 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鈥� 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鈥檚 distressed status has long complicated Braskem鈥檚 governance. The CADE submission indicates that a credible buyer is performing due diligence and willing to engage regulators鈥攌ey signals that a governance revamp is realistically on the table. If Petroqu铆mica 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鈥檚 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 Petroqu铆mica Verde FIP hanno ufficialmente notificato all'autorit脿 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 societ脿 sottolineano che non 猫 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 n茅 sui tempi previsti.
- Questa operazione potrebbe modificare la struttura proprietaria di Braskem, alleviando potenzialmente le difficolt脿 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) inform贸 que el accionista mayoritario Novonor y el posible comprador Petroqu铆mica Verde FIP han notificado formalmente a la autoridad antimonopolio de Brasil (CADE) para solicitar la aprobaci贸n de una posible transferencia de la participaci贸n de Novonor a trav茅s de NSP Investimentos. La presentaci贸n es un paso inicial pero necesario hacia una transacci贸n anunciada por primera vez el 23 de mayo de 2025.
Las compa帽铆as enfatizan que a煤n no se ha firmado ning煤n acuerdo vinculante. La finalizaci贸n depende de (i) la aprobaci贸n de CADE, (ii) el cumplimiento por parte de Novonor de sus obligaciones seg煤n el acuerdo de accionistas con Petrobras, y (iii) el 茅xito en las negociaciones con los bancos acreedores que actualmente tienen grav谩menes fiduciarios sobre las acciones de Braskem de Novonor. La administraci贸n no proporcion贸 t茅rminos financieros ni cronograma.
- Esta acci贸n podr铆a cambiar la estructura accionaria de Braskem, aliviando posiblemente las dificultades financieras de Novonor e introduciendo un nuevo socio estrat茅gico.
- Sin embargo, m煤ltiples aprobaciones y negociaciones con acreedores generan riesgos en la ejecuci贸n e incertidumbre en los tiempos.
Braskem S.A. (NYSE: BAK)電� 斓滊寑 欤检＜ Novonor鞕� 鞛犾灛鞝� 甑Г鞛� Petroqu铆mica Verde FIP臧� 敫岆澕歆� 瓿奠爼瓯半灅鞙勳洂須�(CADE)鞐� 瓿奠嫕鞝侅溂搿� 韱奠頃橃棳 NSP Investimentos毳� 韱淀暣 氤挫湢頃� Novonor鞚� 歆�攵� 鞚挫爠 鞀轨澑鞚� 鞖旍箔頄堧嫟瓿� 氚濏様鞀惦媹雼�. 鞚� 鞁犼碃電� 2025雲� 5鞗� 23鞚� 觳橃潓 鞏戈笁霅� 瓯半灅毳� 鞙勴暅 齑堦赴鞚挫毵� 頃勳垬鞝侅澑 雼硠鞛呺媹雼�.
巩戩偓电� 鞎勳 甑啀霠� 鞛堧姅 瓿勳暯鞚� 觳搓舶霅橃 鞎婌晿雼�瓿� 臧曥“頄堨姷雼堧嫟. 瓯半灅 鞕勲電� (i) CADE 鞀轨澑, (ii) Novonor臧� Petrobras鞕�鞚� 欤检＜ 臧� 瓿勳暯 鞚橂毳� 欷�靾橅晿電� 瓴�, (iii) 順勳灛 Novonor鞚� Braskem 欤检嫕鞐� 雽�頃� 鞁犿儊甓岇潉 氤挫湢頃� 毂勱秾鞚�頄夑臣鞚� 順戩儊鞚� 靹标车鞝侅溂搿� 鞚措（鞏挫電� 瓴冹棎 雼牑 鞛堨姷雼堧嫟. 瓴届榿歆勳潃 鞛 臁瓣贝鞚措倶 鞚检爼鞐� 雽�頃� 鞏戈笁頃橃 鞎婌晿鞀惦媹雼�.
- 鞚措矆 臁办箻電� Braskem鞚� 靻岇湢 甑“毳� 鞛幐頃� 靾� 鞛堨溂氅�, Novonor鞚� 鞛爼雮� 鞕勴檾鞕� 靸堧鞖� 鞝勲灥鞝� 韺岉姼雱� 霃勳瀰鞚� 臧�電ロ暊 靾� 鞛堨姷雼堧嫟.
- 頃橃毵� 鞐煬 鞀轨澑瓿� 毂勱秾鞛� 順戩儊鞙茧 鞚疙暣 鞁ろ枆 鞙勴棙瓿� 鞚检爼 攵堩檿鞁れ劚鞚� 臁挫灛頃╇媹雼�.
Braskem S.A. (NYSE : BAK) a r茅v茅l茅 que l'actionnaire majoritaire Novonor et l'acheteur potentiel Petroqu铆mica Verde FIP ont formellement notifi茅 l'autorit茅 antitrust br茅silienne (CADE) pour obtenir l'approbation d'un 茅ventuel transfert de la participation de Novonor d茅tenue via NSP Investimentos. Cette d茅marche constitue une 茅tape pr茅liminaire mais n茅cessaire vers une transaction initialement annonc茅e le 23 mai 2025.
Les entreprises soulignent qu'aucun accord contraignant n'a encore 茅t茅 sign茅. La finalisation d茅pend 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 r茅ussite des n茅gociations avec les banques cr茅anci猫res d茅tenant actuellement des s没ret茅s fiduciaires sur les actions Braskem de Novonor. La direction n'a fourni ni conditions financi猫res ni calendrier.
- Cette op茅ration pourrait modifier la structure actionnariale de Braskem, all茅ger potentiellement les difficult茅s financi猫res de Novonor et introduire un nouveau partenaire strat茅gique.
- Cependant, les multiples approbations et n茅gociations avec les cr茅anciers engendrent des risques d'ex茅cution et une incertitude quant au calendrier.
Braskem S.A. (NYSE: BAK) gab bekannt, dass der Mehrheitsaktion盲r Novonor und der potenzielle K盲ufer Petroqu铆mica Verde FIP die brasilianische Wettbewerbsbeh枚rde (CADE) formell 眉ber eine geplante 脺bertragung von Novonors Anteil 眉ber NSP Investimentos informiert haben, um eine Genehmigung zu erhalten. Die Meldung ist ein fr眉her, aber notwendiger Schritt zu einer Transaktion, die erstmals am 23. Mai 2025 angek眉ndigt wurde.
Die Unternehmen betonen, dass noch keine verbindliche Vereinbarung unterzeichnet wurde. Der Abschluss h盲ngt ab von (i) der Freigabe durch CADE, (ii) der Einhaltung von Novonors Verpflichtungen aus dem Aktion盲rsvertrag 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 k枚nnte die Eigent眉merstruktur von Braskem ver盲ndern, Novonors finanzielle Belastung mindern und einen neuen strategischen Partner einf眉hren.
- Mehrere Genehmigungen und Verhandlungen mit Gl盲ubigern bergen jedoch Ausf眉hrungsrisiken 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- _____.
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 [email protected].br.
São Paulo, July 7, 2025.
Felipe Montoro Jens
Chief Financial and Investor Relations Officer
Braskem S.A.
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. | |||
| By: | /s/ Felipe Montoro Jens | ||
| 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.
Source:
FAQ
What did Braskem (BAK) announce in its July 7 2025 Form 6-K?
Why is CADE鈥檚 approval important for Braskem鈥檚 stake sale?
What other conditions must be satisfied before the transaction can occur?
Does the 6-K specify a purchase price for Novonor鈥檚 stake?
How might the transaction affect Braskem shareholders?
