DP World, Odebrecht buy majority of Brazil port

Port operator DP World and Brazilian conglomerate Odebrecht said Sunday they have agreed to buy a majority stake in the Embraport port project near Sao Paulo, Brazil.

Financial details were not disclosed. Under the terms of the deal, Brazil's Coimex Group will reduce its stake but will remain involved with the project.

The deal marks DP World's entry into the Brazilian market. The company's existing South American operations include ports in Argentina and Venezuela.

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"This is an unparalleled opportunity to enter Latin America's largest economy and establish a strong position on the east coast," DP World Chief Executive Mohammed Sharaf said.

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The first phase of the Embraport project, located in the city of Santos, is expected to cost $500 million and open in 2012. It is being designed primarily to ship cargo containers and ethanol.

DP World, which is controlled by the government of Dubai, operates 49 cargo terminals across six continents.