Troubled Brazilian contractor Camargo Correa on Monday announced the sale of its controlling stake in noted footwear brand Havaianas. Camargo Correa will sell its 44% controlling share in Alpargatas, the company that manufactures the well-known Havaianas brand of sandals, for R$2.7 billion to Brazilian investment fund J&F. J&F controls JBS, the world’s largest meatpacker, with interests in Brazil, the U.S. and other countries. Camargo Correa, one of Brazil’s largest engineering and construction contractors, has suffered financial problems due to a sweeping bribery and money laundering scandal involving contracts with state-run energy company Petrobras. J&F said it was purchasing control of Alpargatas as part of a strategy of diversifying assets.
Link to regulatory filing by Alpargatas.