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Exclusive: Brazil conglomerate Odebrecht mulls IPO after overhaul

Odebrecht SA, the family-controlled engineering conglomerate ensnared in Brazil’s worst corruption scandal ever, is considering going public once it finalizes a thorough overhaul of corporate governance practices, a senior executive told Reuters on Thursday.

An initial public offering remains one of several options the group and the namesake family that controls it are analyzing as part of a process to implement stricter ethical and operational procedures, said board member Sergio Foguel, who also presides over Odebrecht’s compliance council.

While declining to discuss alternatives aside from the IPO, Foguel said tougher compliance standards have prepared several of Odebrecht’s business divisions to weather a potential dearth of state contracts, which might translate into slower growth.

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