July 27, 2017 / 8:35 PM / a year ago

Cemig, Odebrecht split on Chinese offer for stake in power project -sources

SAO PAULO, July 27 (Reuters) - Brazilian power firm Cemig and engineering group Odebrecht are in disagreement on an offer from China’s SPIC to acquire a controlling stake in the Santo Antonio hydropower project where the Brazilian companies are partners, three sources close to the talks said.

Odebrecht, which is struggling to cut debt and recover from a corruption scandal, is in favor of the sale while Cemig, or Companhia Energética de Minas Gerais SA, believes SPIC’s offer does not reflect a fair value of its stake, the sources said. (Reporting by Luciano Costa; Writing by Marcelo Teixeira)

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