Two Brazilian pension funds that own majority stakes in Invepar, a Brazilian group that operates in the transport infrastructure segment in Brazil, have rejected the offer made by Mubadala Fund, a sovereign wealth fund based in Abu Dhabi, to acquire control of the infrastructure developer.

The pension funds Previ and Petros, which represent employees of Banco do Brasil and Petrobras, respectively, considered the terms of the offer unsatisfactory. Both funds hold 25% stakes in Invepar.

Another shareholder, OAS, has commented that it is not aware of any binding proposals received by Invepar and/or other shareholders.