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Andrade Gutierrez seeks sale of CCR Brazil highway stake -paper

Published 2015-10-19, 07:29 a/m
© Reuters. Andrade Gutierrez seeks sale of CCR Brazil highway stake -paper

RIO DE JANEIRO, Oct 19 (Reuters) - Brazilian construction
group Andrade Gutierrez, hobbled by the fallout from a
corruption scandal at state-run oil company Petrobras, is
selling its 17 percent stake in toll-road operator CCR SA
CCRO3.SA , the Estado de S.Paulo paper said on Monday.
Andrade Gutierrez is offering the stake in the toll road
operator to international investment funds including Canada's
Brookfield group, and Singapore's Temasek and GIC funds, the
paper said citing unnamed sources.
Andrade Gutierrez, the fourth-largest construction group in
the country, is one of 23 companies caught up in Brazil's Lava
Jato, or "Car Wash" price-fixing, bribery and political-kick
back investigation, the paper said.
After Andrade Gutierrez's involvement in the corruption
scheme was revealed, it has been unable to bid for new business
and receive payment for some old contracts with Petroleo
Brasileiro SA PETR4.SA , as Petrobras is officially known. It
also faces potentially large fines from the government, and some
executives face jail time for their role in the case.
As Petrobras is Brazil's largest infrastructure investor,
many of the contractors named in the case have been put under
financial stress.
Officials at Andrade Gutierrez did not immediately respond
to requests for comment.

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