OAS finds no bidders for Invepar stake

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OAS finds no bidders for Invepar stake

Grupo OAS has found no bidders for its 24.4% stake in the infrastructure company Invepar after Brookfield Asset Management Inc withdrew its R$1.35 billion (US$365.3 million) offer last month.

The deadline for submission of proposals was 14 March 2016.

Brookfield said in a statement that its offer depended on some conditions, particularly one of them was the shareholder agreement revision. It faced opposition from the pension funds Previ, Petros and Funcef, which also own the company. 

Grupo OAS filed for bankruptcy protection in March, struggling with the impact of a corruption probe at state-controlled oil producer Petróleo Brasileiro SA and other state firms. The company designed a recovery plan that was approved by creditors consisting of a series of asset sales. The sale of the stake in Invepar was key to helping OAS emerge from bankruptcy protection proceedings. 

Invepar currently controls twelve concessionaires in the highway, airport and urban mobility segments.

Invepar controls the concession of Guarulhos airport. Guarulhos airport is the main airport serving São Paulo, Brazil. It is located in the municipality of Guarulhos in Greater São Paulo. The airport was ranked first in Brazil in terms of transported passengers, aircraft operations, and cargo handled, placing it as the busiest airport in Latin America by passenger traffic (36,000,000 in 2013).

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