February 1, 2016 / 10:10 PM / in 2 years

Brookfield withdraws offer to buy Invepar stake, sources say

SAO PAULO, Feb 1 (Reuters) - Brookfield Asset Management Inc has withdrawn an offer to buy the 24.4 percent stake in infrastructure company Invepar held by Brazil’s Grupo OAS SA because Brookfield would not have full management control of the company, two sources with direct knowledge of the situation said on Monday.

Brookfield failed to reach an agreement with OAS’s partners in Invepar, pension funds Previ, Petros and Funcef, over management control of the firm, said the sources, who requested anonymity because of the sensitivity of the issue.

The sale of the stake was key to help OAS emerge from bankruptcy protection proceedings, days after a Brazilian judge approved a recovery plan.

Brookfield had offered to pay 1.35 billion reais ($340.83 million) for the stake in Invepar. ($1 = 3.9609 Brazilian reais) (Reporting by Guillermo Parra-Bernal and Tatiana Bautzer; Editing by Leslie Adler)

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