Brazilian industrial conglomerate Camargo Correa is looking to sell between 10 percent and 18 percent of InterCement for up to $1.2 billion in order to make new overseas investments, reported Folha de S.Paulo.


The company is one of several in Brazil with executives accused of paying bribes for contracts with state-run oil company Petroleo Brasileiro SA, or Petrobras, threatening its access to public works contracts and driving up borrowing costs.

Folha reported that Camargo Correa’s hefty $2.65 billion (8.2 billion reais) debt has led the company to seek a minority partner in InterCement in order to take advantage of opportunities to grow in Egypt, Mozambique and Paraguay.

InterCement, which grew from Camargo Correa’s acquisition of Cimpor (Cimentos de Portugal) in 2012, is a major cement producer in Portugal, Argentina, Mozambique and Brazil.

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