Business & Banking

Business & Banking


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 mil

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