Marubeni quits Brisa race

06 April 2020 - 12:00 am UTC

Japanese conglomerate Marubeni has left the bidding race for Portugal’s largest toll road operator Brisa, days before a deadline for final offers.

Two sources familiar with the situation said, Marubeni, which is being advised by JP Morgan, has dropped out of the bidding process for an 80% stake in Brisa, which is being sold by Arcus Infrastructure Partners and José de Mello.

Marubeni did not respond to a request for comment by time of publication. JP Morgan declined to comment.

Marubeni was one of several suitors that were shortlisted in January for the deal. The Japanese trading house said in March that it would book a net loss of USD 1.7bn (EUR 1.57bn) for 2020, its first loss in 18 years, as it grappled with the impact of the coronavirus and tumbling commodity prices.

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