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Itaúsa grants HIG Brasil exclusive negotiation rights for unit's sale

Brazil-based Itaúsa - Investimentos Itaú SA said it granted HIG Brasil Partners exclusive negotiation rights for the possible sale of its controlling stake in specialty intermediate chemical producer Elekeiroz SA.

HIG Brasil Partners will hold the exclusive rights for 60 days starting March 8, according to a securities filing. The negotiation involves all shares held by Itaúsa on Elekeiroz.

The exclusivity does not mean a commitment to enter into any transaction, Itaúsa said, adding that the parties could cease negotiations for any reason.

Itaúsa noted the move is in line with a review of its investment portfolio.