Banco do Brasil in Talks to Arrange 9 Billion Reais Dam Loan
Jan. 13 (Bloomberg) -- Banco do Brasil SA, Latin America’s largest lender by assets, has begun talks with banks and companies to arrange a loan of about 9 billion reais ($5.1 billion) to help finance construction of an Amazon dam project.
The bank is negotiating with five to six banks and with companies that may bid to build the Belo Monte hydroelectric dam, Sandro Marcondes, Banco do Brasil’s commercial director, said in a telephone interview from Brasilia. The companies include GDF Suez, Camargo Correa SA, Odebrecht SA, Cia. Energetica de Minas Energia, Neoenergia and Centrais Eletricas Brasileiras SA units Chesf and Eletronorte, he said.
“We are working with companies and Brazil’s state development bank to identify risks associated with the project,” Marcondes said.
BNDES, as the country’s state development bank is known, may also provide 12 billion reais in financing for the project, Marcondes said. Banco do Brasil estimates the 11,000-meagawatt hydroelectric dam may cost about 26 billion reais. The bank doesn’t have a final estimate for the project as Brazilian government hasn’t set the auction rules.
The state development bank will announce the terms of financing once the government sets the auction date, said a BNDES spokesman who declined be identified in accordance with the bank’s policy.
Dam Projects
Brazil will set the auction date for the Belo Monte dam after environmental agency Ibama grants a permit, Energy Minister Edison Lobao said in December. Ibama hasn’t said set a date to announce the license, said spokeswoman who declined to be indentified in accordance with agency policy.
Last year, BNDES lent 6.1 billion reais to a group of companies led by Odebrecht to build Jirau and 7.2 billion reais to GDF Suez and its partners for the construction of the Santo Antonio dam.
Odebrecht is considering bidding in the Belo Monte auction, a company’s spokeswoman said. Spokespeople at Eletrobras, as the Chesf and Eletronorte controlling shareholder is known, Cia. Energetica de Minas Energia, GDF Suez and Camargo Correa didn’t return calls seeking comment from Bloomberg News. A Neoenergia spokeswoman declined to comment.
To contact the reporter on this story: Francisco Marcelino in Sao Paulo at mdeoliveira@bloomberg.net
Last Updated: January 12, 2010 21:00 EST
Showing posts with label Local Players. Show all posts
Showing posts with label Local Players. Show all posts
Tuesday, January 12, 2010
Tuesday, December 22, 2009
Brazil's BTG may bid for asset manager BRZ-report | Reuters
Brazil's BTG may bid for asset manager BRZ
SAO PAULO, Dec 22 (Reuters) - BTG Pactual, the securities firm controlled by Brazilian banking wunderkind Andre Esteves, is in talks to buy Sao Paulo-based asset management firm BRZ Investimentos, magazine Veja said on its Tuesday online edition.
Stocks | Mergers & Acquisitions | Bonds | Global Markets | Private Capital | Financials
Veja's Radar column, where the information was published, didn't give any terms for the transaction. GP Investments controls about 60 percent of BRZ, with the remaining 40 percent still belonging to a group of managing partners led by Nelson Rozental and Marcos Falcao.
BRZ has about 3 billion reais ($1.7 billion) in assets under management.
Spokeswomen for BRZ and GP Investments declined to immediately comment on the Veja report. A BTG Pactual spokeswoman did not answer calls requesting comments on the Veja report.
BRZ Investimentos, which was spun off about two years ago from Latin America's largest private equity firm GP Investments (GPIV11.SA), has been struggling in recent weeks after suspending redemptions on a private credit fund it oversees following massive withdrawals, according to local media reports. ($1=1.78 reais) (Reporting by Guillermo Parra-Bernal; Editing by Hans Peters)"
SAO PAULO, Dec 22 (Reuters) - BTG Pactual, the securities firm controlled by Brazilian banking wunderkind Andre Esteves, is in talks to buy Sao Paulo-based asset management firm BRZ Investimentos, magazine Veja said on its Tuesday online edition.
Stocks | Mergers & Acquisitions | Bonds | Global Markets | Private Capital | Financials
Veja's Radar column, where the information was published, didn't give any terms for the transaction. GP Investments controls about 60 percent of BRZ, with the remaining 40 percent still belonging to a group of managing partners led by Nelson Rozental and Marcos Falcao.
BRZ has about 3 billion reais ($1.7 billion) in assets under management.
Spokeswomen for BRZ and GP Investments declined to immediately comment on the Veja report. A BTG Pactual spokeswoman did not answer calls requesting comments on the Veja report.
BRZ Investimentos, which was spun off about two years ago from Latin America's largest private equity firm GP Investments (GPIV11.SA), has been struggling in recent weeks after suspending redemptions on a private credit fund it oversees following massive withdrawals, according to local media reports. ($1=1.78 reais) (Reporting by Guillermo Parra-Bernal; Editing by Hans Peters)"
Tuesday, December 15, 2009
Pride sues Brazil's GP Investments for $44 mln | Reuters
Pride sues Brazil's GP Investments for $44 mln
NEW YORK, Dec 15 (Reuters) - Pride International Inc (PDE.N), an oil and gas service company, sued Brazilian private equity firm GP Investments Ltd GPIV11.LU and its Argentine subsidiary for $44 million Pride said they owe in a stock purchase agreement.
The lawsuit filed on Monday in Manhattan federal court in New York said the agreement on Aug. 9, 2007, with Sao Paolo-based GP and San Antonio Oil & Gas Services Ltd of Buenos Aires was for the sale of Pride's Latin America land-based drilling, exploration and production services business.
Ernst & Young [ERNY.UL] accounting firm determined the amount owed after the closing of the deal and GP and San Antonio failed to meet a contractual deadline of Dec. 21, 2008 to pay, the lawsuit said.
'Despite continuing to tout their financial stability, success, and business principles to the international business and investment community, GP and San Antonio are apparently either unwilling or unable to pay the over $44 million owed to plaintiffs under the agreement,' the lawsuit said.
An attorney for GP Investments could not immediately be reached for comment.
The case is Pride International Inc et al v GP Investments Ltd, U.S. District Court for the Southern District of New York, No. 09-10174.
(Reporting by Grant McCool; Editing by Richard Chang)"
NEW YORK, Dec 15 (Reuters) - Pride International Inc (PDE.N), an oil and gas service company, sued Brazilian private equity firm GP Investments Ltd GPIV11.LU and its Argentine subsidiary for $44 million Pride said they owe in a stock purchase agreement.
The lawsuit filed on Monday in Manhattan federal court in New York said the agreement on Aug. 9, 2007, with Sao Paolo-based GP and San Antonio Oil & Gas Services Ltd of Buenos Aires was for the sale of Pride's Latin America land-based drilling, exploration and production services business.
Ernst & Young [ERNY.UL] accounting firm determined the amount owed after the closing of the deal and GP and San Antonio failed to meet a contractual deadline of Dec. 21, 2008 to pay, the lawsuit said.
'Despite continuing to tout their financial stability, success, and business principles to the international business and investment community, GP and San Antonio are apparently either unwilling or unable to pay the over $44 million owed to plaintiffs under the agreement,' the lawsuit said.
An attorney for GP Investments could not immediately be reached for comment.
The case is Pride International Inc et al v GP Investments Ltd, U.S. District Court for the Southern District of New York, No. 09-10174.
(Reporting by Grant McCool; Editing by Richard Chang)"
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