03 August 2011 20:56 [Source: ICIS news]
SAO PAULO (ICIS)--Brazil’s largest sugar and ethanol trader, Copersucar, cancelled its planned $1.7bn (€1.2bn) initial public offering (IPO) because of “unfavourable market conditions”, the company said on Wednesday.
The company’s shareholders had planned to raise around Brazilian reais (R) 2.7bn ($1.7bn) in an IPO that would have been the country’s largest in two years, according to market analysts.
“The company plans to resume IPO plans at a later date,” the company said.
Copersucar said earlier that it planned to invest in new technologies and expand sugar and ethanol supplies.
However, the company said it will proceed with plans to invest R2bn by 2015 to expand its sugar export capacity.
Copersucar is Brazil’s largest sugar exporter with a crushing capacity of 115m tonnes/year of sugarcane, it said.
($1 = R1.57)
($1 = €0.70)
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