November 18, 2016 / 12:52 PM / 2 years ago

Japan's Sojitz in talks to buy controlling stake in CGG Trading -report

SAO PAULO, Nov 18 (Reuters) - Sojitz do Brasil SA, the Brazilian unit of Japan’s Sojitz Corp., is in talks to acquire a controlling stake in CGG Trading SA, the commodities trading arm of Cantagalo General Grains, daily Valor Econômico reported on Friday.

Sojitz do Brasil, which holds a 43 percent stake in CCG Trading, wants to buy out its partner, Brazils textile company Cia de Tecidos Norte de Minas SA. The paper did not mention how much the 57 percent stake owned by Coteminas, as the company is known, would be sold for.

Contacted by Reuters, Satoshi Awaya, chief executive of Sojitz do Brasil, declined to comment. Coteminas did not immediately comment. (Reporting by Ana Mano)

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