UPDATE 2-Brazil's Odebrecht mulls sale of Braskem's stake -sources
(Adds comments from Odebrecht)
By Tatiana Bautzer and Guillermo Parra-Bernal
SAO PAULO, March 11 (Reuters) - Grupo Odebrecht SA , Latin America's largest engineering conglomerate, is considering selling its stake in petrochemical producer Braskem SA, according to three sources with direct knowledge of the situation.
Odebrecht, controlled by the namesake millionaire Brazilian family, could exit Braskem in a joint transaction with state-controlled oil producer Petroleo Brasileiro SA, said the sources, who requested anonymity because the plan remains under study.
Odebrecht, which has a 38 percent stake in Braskem but 50.1 percent of the voting shares, denied in an e-mailed statement to Reuters any intention of selling its stake in Braskem.
Petrobras decided to sell a 36 percent stake in Braskem in January and is being advised by investment banking firm Banco Bradesco BBI, the sources said.
Since then, at least three companies have shown interest on the stake: Canada's Brookfield Asset Management Inc, Saudi Arabian Oil Co, known as Saudi Aramco, and an unidentified Chinese petrochemical firm, according to the first two sources.
But the Petrobras process has stalled as acquirers wait for a decision by Odebrecht about plans for its stake. A sale of the majority of Braskem would be easier and could fetch a higher price, the same sources added.
But Odebrecht in a second e-mailed statement to Reuters said, "Since the company has no intention of selling its majority stake, it makes no sense attributing to the company responsibility for the delay in Petrobras' stake sale." Petrobras declined to comment. Continued...