Brazil Sells Stake in Copene
After two failed attempts, the Central Bank of Brazil finally
sold its controlling stake in Petroquímica do Nordeste
(Copene), a producer of petrochemical products located outside
Salvador in the northeastern state of Bahia, for $541.9
million. A consortium formed by Brazilian petrochemical groups
Odebrecht and Mariani bought the bank's stake in a July
auction. The consortium was the only company that bid for
Copene and paid the minimum asking price. Ultra
Participações, a distributor of liquefied
petroleum gas, was expected to participate in the auction but
later backed out. Salomon Smith Barney advised Copene on the
sale and led a $500 million financing package for the
acquisition (see "Consolidating and Integrating").
Ecuador Closes Filanbanco and Strikes Banking Deal
The government of Ecuador has closed the country's largest
bank, Filanbanco. The bank had been in government hands since
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