CNPC Said in Talks to Buy Brazil’s Barra for $2 Billion

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China National Petroleum Corp., China’s largest oil producer, is in talks to acquire Barra Energia Petroleo e Gas, a Brazilian oil startup, for about $2 billion, people with knowledge of the matter said.

The negotiations are under way and a deal could be reached as soon as this month, said the people, who asked not to be identified because the discussions are private. First Reserve Corp. and Riverstone Holdings LLC have invested a combined $1 billion in the Rio de Janeiro-based company, in addition to $200 million in pledged investments from other funds, according to Barra’s website.