Brazilian firm Camargo Corrêa for sale

The engineering and construction arm of the Camargo Corrêa group, one of the largest construction companies in Brazil, has been put up for sale.

Chinese construction giant CCCC is reportedly interested in buying the offered 100% stake in the São Paulo-based firm.

The information was disclosed in the Brazilian business press this week, with sources at Camargo Corrêa cited, but no names given. The sources claim there is definite interest in the purchase from CCCC.

The Camargo Corrêa group has suffered since it was implicated in the criminal investigation connected with the construction of the Abreu e Lima refinery, owned by the state-run oil company Petrobras. As a result of the investigation, a number of the company’s board members were arrested, and subsequent lawsuits have destabilised the company financially.

While CCCC appears to be the frontrunner in the potential sale of Camargo Corrêa, it is reported that French and Spanish firms have also shown an interest in the family-owned company.