March 14, 2018 / 12:13 PM / 3 months ago

SPIC renews talks to buy Brazilian hydroelectric project -paper

SAO PAULO, March 14 (Reuters) - SPIC Overseas, a unit of China’s State Power Investment Corporation, has renewed talks regarding a possible purchase of Brazil’s Santo Antonio hydroelectric power project, a Brazilian newspaper reported on Wednesday.

Citing sources familiar with the matter, Valor Econômico said SPIC has returned to the negotiating table after talks with major shareholders Companhia Energetica de Minas Gerais SA , known as Cemig, and engineering conglomerate Odebrecht SA stalled in mid-2017.

SPIC is expected to present a revised offer for the project as early as March or early April, at which point Cemig and Odebrecht will evaluate the possibility of resuming exclusive negotiations, the paper said.

Representatives for SPIC could not immediately be reached for comment, while representatives for Cemig and Odebrecht did not immediately respond to a request for comment.

In July, Reuters reported that Odebrecht and Cemig disagreed over an offer from SPIC to acquire Santo Antonio, with Odebrecht in favor and Cemig saying the offer did not reflect the value of the stake.

The value of SPIC’s offer could not be determined. (Reporting by Gram Slattery Editing by Paul Simao)

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