Camargo Correa, one of the largest construction companies in Brazil, has been put up for sale and may be acquired by the China Communications Construction Company (CCCC), the Brazilian press reported.

A report in financial newspaper Valor Economico said that in addition to CCCC, other potentially companies potentially interested in Camargo Corrêa were also asked about the deal, including French and Spanish companies. The Brazilian group plans to sell 100% of its engineering and construction unit.

The Camargo Corrêa group, which was convicted of corruption, money laundering and criminal organisation in the construction of the Abreu e Lima refinery, owned by Petrobras, saw some of its board members arrested and is struggling to close the sale of its construction business due to uncertainties about future investigations.

Because of the penalties that have been applied in several lawsuits and high levels of debt, the Camargo Corrêa group has been disposing of assets in order to obtain liquidity.

It recently sold a stake of 23.6% it held in CPFL Energia to China State Grid group for 6 billion reais and in November 2015 sold control of Alpargatas, a company that manufactures flip-flops, to Brazilian group J & F Investments for 2.67 billion reais.

The Camargo Corrêa Group is a conglomerate run by SGPS Camargo Corrêa, which is privately held and family controlled, with headquarters in São Paulo, acting in key sectors of the economy: engineering and construction, cement, energy concessions and urban transport and mobility, shipbuilding and real estate.