September 5, 2016 / 12:41 PM / 2 years ago

Brazil's Camargo Correa eyes China for construction business sale -report

RIO DE JANEIRO, Sept 5 (Reuters) - Brazilian conglomerate Camargo Correa SA is looking to sell its construction and engineering division, and has sounded out China Communications Construction Company (CCCC) over a possible sale, business daily Valor Economico reported on Monday.

The report which cited a person familiar with the group’s actions and market sources, said a deal was far from done and did not give a price estimate for how much the division could fetch. Valor said French and Spanish companies may also be interested.

Camargo Correa is one of a number of construction companies implicated in a massive corruption scandal centered on state-run oil company Petrobras, leading to canceled contracts and severe losses.

Camargo Correa did not immediately respond to a request for comment.

A potential sale is complicated by the liabilities still hanging over the division in relation to continuing corruption investigations, Valor said.

Reporting by Stephen Eisenhammer, Editing by Franklin Paul

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