Brazil’s Odebrecht rearranges portfolio of shareholdings in Portugal

15 December 2010

Lisbon, Portugal, 15 Dec – Brazilian group Odebrecht has sold its stakes in four Portuguese highways as part of its rearrangement of its shareholdings in Portugal, the groups said in a statement issued Tuesday in Lisbon.

The Brazilian group, which owns construction company Bento Pedroso, sold the stakes it held in the Costa de Prata, North, Beira Litoral, Beira Alta and Greater Porto highways to Ascendi, the the highway company owned by construction company Mota-Engil and Banco Espírito Santo.

The reason for the divestment of these assets is a change in strategy as the Brazilian group now plans to focus on some projects under development in Portugal, such as high speed railway links, the Poceirão logistics platform and the Lower Tagus concession.

Ascendi paid 126 million euros for the Brazilian group’s share in the highways. (macauhub)