BRASILIA, April 24 HNA Airport Holding Group Co
Ltd will buy out the stake that engineering conglomerate
Odebrecht SA has in Brazil's second-busiest international
airport in order to help solve an impasse with a government
agency over licensing rights, a Brazilian Cabinet minister said
The Chinese company, which is part of HNA Group Co Ltd, has
already bought the stake that an Odebrecht subsidiary had in the
Rio de Janeiro international airport, or RIOGaleão, Wellington
Moreira Franco, secretary-general for President Michel Temer's
office, told reporters in Brasilia.
Representatives for HNA could not be immediately contacted
for comment. Reuters reported on April 17 that HNA was in
advanced talks to buy out Odebrecht from RIOGaleão.
RIOGaleão was 51 percent-owned by the Odebrecht subsidiary
and Singapore's Changi Airport Group Pte Ltd. The government's
civil aviation infrastructure watchdog owns the remaining stake.
Brazil's government wanted Odebrecht's exit from the
consortium to settle the airport's licensing problems and stem
it from the impact of Odebrecht's involvement in the country's
worst corruption scandal ever, people familiar with the deal
told Reuters earlier this month.
The scandal has almost fully shut Odebrecht's access to
credit and new contracts in Brazil and almost a dozen
Last week, the consortium running RIOGaleão won permission
from Brazil's government to restructure 4.5 billion reais ($1.43
billion) worth of licensing payments over the next three years,
paving the way for the entry of a new partner.
(Reporting by Leonardo Goy; Writing by Guillermo Parra-Bernal;
Editing by Bill Trott)