Camargo Correa Construction company is rumored to be for sale

The Camargo Correa Construction company is rumored to be for sale and China’s giant CCCC China Communications Construction Company is a likely candidate. French and Spanish companies are also rumored to be in the list of suitors.

Three billionaire sisters are the controlling shareholders of multinational construction and cement conglomerate Camargo Correa. The conglomerate was founded in 1939 Sebastiao Camargo, who died in 1994. Today Camargo Correa has operations in 21 countries and employs 58,000 workers. Some of the group’s top executives have allegedly taken part in the Petrobras bribery scandal — three have been arrested, including Joao Ricardo Auler, Camargo Correa’s chairman. In 2015 Camargo Correa sold its stake in Alpargatas, the maker of Havaianas flip-flops, to Brazilian conglomerate J&F for $500 million

What is of interest is that such a company would be for sale, something unthinkable just a few months ago. Will the government’s supervising agencies allow it? After all, Camargo is a major player/investor in government infrastructure contracts but because of the Lava Jato scandal has been black balled until further notice. So far these companies have been selling their non core assets such as toll road, airport and port concessions plus the water and sewage works.

This will be an interesting precedent of allowing foreign construction companies entering the very lucrative government infrastructure contract business.

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