Grupo Odebrecht SA , Latin America’s largest engineering conglomerate, is considering selling the majority stake it has in petrochemical producer Braskem SA, according to three sources with direct knowledge of the situation.
Odebrecht, controlled by the namesake millionaire Brazilian family, could exit Braskem in a joint transaction with state-controlled oil producer Petroleo Brasileiro SA, said the sources, who requested anonymity because the plan remains under study.
Odebrecht denied in an e-mailed statement to Reuters any intention to sell the stake in Braskem. Petrobras did not return requests for comment.
Petrobras decided to sell a 36-percent stake in Braskem in January and is being advised by investment banking firm Banco Bradesco BBI, the sources said. Since then, at least three companies have shown interest on the stake: Canada’s Brookfield Asset Management Inc, Saudi Arabian Oil Co, known as Saudi Aramco, and an unidentified Chinese petrochemical firm, according to the first two sources.
Brazil Energy Insight 
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