Brazilian industrial conglomerate Votorantim SA has lowered its stake in Suzano SA, the world’s largest wood-pulp producer, based on individuals aware of the matter.
Votorantim offered 25 million Suzano voting shares at 64.60 reais every in an public sale Thursday, stated the individuals, asking to not be named as a result of the knowledge isn’t public. The transaction totaled about 1.6 billion reais ($300 million) and had JPMorgan Chase & Co. as the only real underwriter, they stated.
Suzano declined to remark and Votorantim didn’t instantly reply to an emailed request in search of remark.
Votorantim had already offered 25 million of Suzano shares in December, bringing its whole stake to about 50 million shares, or 3.7% of the agency earlier than Thursday’s block commerce. JPMorgan was additionally the only real bank on that deal.
Suzano fell 0.7% to 65.43 reais as of 6 p.m. native time in Sao Paulo. Earlier, it dropped as a lot as 2%.
— With help by Fabiana Batista