Banking

Brazil's BNDES readies sale of $1.4 bln stake in pulp maker Suzano

Brazilian pulp maker Suzano SA said its shareholder BNDESPar is planning a share offering to sell up to 150 million shares, according to a securities filing on Friday.

Adds banks managing offer, details

SAO PAULO, Sept 18 (Reuters) - Brazilian pulp maker Suzano SA SUZB3.SA said its shareholder BNDESPar is planning a share offering to sell up to 150 million shares, according to a securities filing on Friday.

The offering could raise 7.5 billion reais ($1.39 billion), considering closing share prices. The final price of the shares will be set on Oct. 1.

This share offering is part of Brazil's development bank BNDES unloading its multi-billion stock portfolio, as President Jair Bolsonaro's government tries to reduce the Brazilian state's presence in the economy.

JPMorgan Chase, Bank of America, Bradesco BBI, Itau BBA and XP Inc will manage the offering.

($1 = 5.3968 reais)

(Reporting by Paula Laier Editing by Chris Reese)

((carolina.mandl@thomsonreuters.com; +55 11 5644 7703; +55 11 97116-3806;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

US Markets

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More