BRASILIA/SAO PAULO, May 13 (Reuters) – The founder of Brazilian automaker CAOA said on Monday he is negotiating with Chinese business executives to make a joint acquisition of a Ford Motor Co plant near Sao Paulo.

Ford and CAOA have been in talks since March over the potential sale of the 11.8 million-square-foot plant in Sao Bernardo do Campo, slated to be shut down this year as the U.S. automaker exits its South American heavy truck business.

“We already met with Chinese (businessmen) that are interested in making cars with us,” Carlos Alberto de Oliveira Andrade, whose initials spell CAOA, told reporters after a meeting with Brazil’s finance minister in Brasilia.

Still, Andrade said that any investments could be held up if the legislature does