Cemig, Odebrecht split on Chinese offer for stake in power project

Brazilian power firm Cemig and engineering group Odebrecht [ODBES.UL] are in disagreement on an offer from China’s SPIC [CPWRI.UL] to acquire a controlling stake in the Santo Antonio hydropower project where the Brazilian companies are partners, three sources close to the talks said.

Odebrecht is in favor of the sale while Cemig, or Companhia Energética de Minas Gerais SA, believes SPIC’s offer does not reflect a fair value of its stake, the sources said.

The sources declined to state the price offered by SPIC, or State Power Investment Corp, a top five power generator in China.

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