BRASILIA, Jan 15 (Reuters) - Brazilian engineering firm Odebrecht SA is seeking a partner for its water and sewage business Odebrecht Ambiental and does not rule out selling a stake in its transportation arm too, newspaper Valor Economico reported on Friday.
Facing a slowing economy, tightened credit conditions at home and accusations from prosecutors investigating Brazil’s biggest ever corruption scandal, Odebrecht has sought to sell assets and secure the needed financing for its near-term investment plans.
Ticiana Marianetti, CFO and investor relations director at Odebrecht Ambiental, told Valor the company had not yet defined the size of the potential operation but it would ideally involve a minority stake in the company.
The newspaper said, citing unnamed market sources, that the company had signalled to potential investors it could also consider a full takeover. Odebrecht SA currently owns 70 percent of Odebrecht Ambiental, according to Valor.
Spokespeople at Odebrecht did not immediately respond to requests for comment.
Marcelo Odebrecht, ex-CEO of the multinational construction company bearing his billionaire family’s name, is among a handful of prominent and powerful Brazilians in jail awaiting judgment in a massive corruption investigation.
The scandal centered around state-controlled oil giant Petroleo Brasileiro SA, along with impeachment proceedings against President Dilma Rousseff over an unrelated issue and a deep economic recession, have combined to rock the Brazilian establishment. (Reporting by Silvio Cascione; Editing by Mark Potter)