Provides particulars, context
SAO PAULO, Sept 3 (Reuters) – Brazilian state growth bank BNDES has employed JPMorgan Chase & Co JPM.Nto handle a share providing to promote its 11% stake in pulpmaker Suzano SA SUZB3.SA, two sources accustomed to the matter stated on Thursday.
The stake is worth 7.2 billion reais ($1.36 billion) primarily based on Thursday’s closing price of 48 reais a share.
JPMorgan will lead the coordination group, however extra banks are nonetheless going to hitch it to handle de providing.
The sale is a part of BNDES’ plans to divest most of its multi-billion stock portfolio, as President Jair Bolsonaro’s authorities tries to cut back the Brazilian state’s presence within the economic system.
BNDES declined to right away remark.
Newspaper Valor Economico reported earlier on the hiring.
($1 = 5.2908 reais)
(Reporting by Carolina Mandl; Enhancing by Sandra Maler and Richard Chang)
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