Canada’s Brookfield Asset Management Inc has withdrawn an offer to buy the 24.4 percent stake in infrastructure company Invepar held by Brazil’s Grupo OAS SA, the Canadian firm said on Monday.
Brookfield said in a statement that its offer depended on some conditions, particularly a revision of the shareholders agreement, which faced opposition from other partners.
Two sources with direct knowledge of the situation, who had earlier informed Reuters on the bid’s withdrawal, said Brookfield demanded full management control of the company, which was denied.
OAS’s partners in Invepar include pension funds Previ, Petros and Funcef.
“Pension funds who together hold nearly 75 percent of the company did not agree with adjustments regarding governance,” said Brookfield.
Brazil Energy Insight 
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