SAO PAULO, April 13 China Merchants Group Ltd is
in advanced talks to buy Advent International Corp's 50 percent
stake in TCP Terminal de Contêineres de Paranaguá SA, Brazil's
second-busiest container port, O Estado de S. Paulo newspaper
said on Thursday.
According to Estado, which cited unnamed sources familiar
with the transaction, talks with the Chinese state-run company
known as CMG gained momentum after Advent's negotiations with
Dubai-based DP World Ltd hit a snag.
Reuters reported in August that Advent had hired Morgan
Stanley & Co and Grupo BTG Pactual SA to sell the TCP stake.
Sources said at the time that Advent wanted to fetch a price for
the stake that could set a minimum value of 3.5 billion reais
($1.1 billion) for TCP.
Currently, DP World is engaged in talks to buy out partner
Odebrecht SA in the Embraport container terminal at Brazil's
Santos port, Latin America's largest, Estado said. Odebrecht is
selling assets and refinancing debt following its involvement in
Brazil's biggest corruption scandal.
Two people involved in the transaction told Reuters recently
that Advent partners flew to Hong Kong and Dubai in February to
discuss preliminary terms for the TCP deal with CMG and DP
TCP and Advent declined to comment on the Estado report and
the February trip. China Merchant, DP World and Odebrecht did
not immediately have a comment.
($1 = 3.1203 reais)
(Reporting by Brad Haynes, Tatiana Bautzer and Guillermo
Parra-Bernal; Editing by Bernard Orr)