Brazil Auctions Off Petrochemical Firm
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RIO DE JANEIRO — The Brazilian government auctioned off Copesul, a state-owned petrochemical concern.
The government fetched $832.3 million for the company, 29% more than the officially set price, said a spokeswoman for the Rio de Janeiro stock exchange. Copesul was the 10th company to be privatized by the administration of President Fernando Collor de Mello.
Empetro, a consortium from Southern Brazil, was the biggest buyer, taking 38% of the shares offered, the spokeswoman said.
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