Category: Equity

Chile’s Masisa has filed to delist its ADS from the New York Stock Exchange, it said. The furniture maker cited the fact that less than 5% of its outstanding common stock is listed via ADS, and a reduction in expenses as the main motive for the move. Holders may exchange the ADS for common shares of cash.

Chile’s Masisa has filed to delist its ADS from the New York Stock Exchange, it said. The furniture maker cited the fact that less than 5% of its outstanding common stock is listed via ADS, and a reduction in expenses as the main motive for the move. Holders may exchange the ADS for common shares of cash.

Brazil’s two main exchanges, the Bovespa and the BM&F, are officially in talks to merge. The two entities made a joint announcement saying that for 60 days, they will be in exclusive discussions to combine their operations. The move was expected, and the Bovespa’s Mifano went as far as telling LatinFinance earlier this year that combining the two platforms would make sense and talks would eventually take place. The talks are being held now because a higher concentration of the exchanges’ shares in fewer hands makes it easier to approve a deal, according to Itau. The lockup period for the Bovespa’s stock expires April 22, while the BM&F’s ends on May 30. Currently, the Bovespa has a 41% free float with another 24% to be released on the expiration date. The BM&F’s free float is 33% with 20% more to come on May 30, says Itau. For tax purposes, it would make more sense if the BM&F acquired the Bovespa, says the shop, pointing to the higher amount of goodwill that could go untaxed if that were to be the case.

Brazil’s two main exchanges, the Bovespa and the BM&F, are officially in talks to merge. The two entities made a joint announcement saying that for 60 days, they will be in exclusive discussions to combine their operations. The move was expected, and the Bovespa’s Mifano went as far as telling LatinFinance earlier this year that combining the two platforms would make sense and talks would eventually take place. The talks are being held now because a higher concentration of the exchanges’ shares in fewer hands makes it easier to approve a deal, according to Itau. The lockup period for the Bovespa’s stock expires April 22, while the BM&F’s ends on May 30. Currently, the Bovespa has a 41% free float with another 24% to be released on the expiration date. The BM&F’s free float is 33% with 20% more to come on May 30, says Itau. For tax purposes, it would make more sense if the BM&F acquired the Bovespa, says the shop, pointing to the higher amount of goodwill that could go untaxed if that were to be the case.

Brazilian fertilizer company Nutriplant succeeded in pricing an IPO during what bankers are calling abysmal market conditions. The small-cap issuer offered 2m shares at BRL10, raising BRL20m in an offering that was largely thought to be defunct, given the buyside’s lack of interest in small, illiquid deals. Nutriplant, which was eager to raise the cash to conduct acquisitions in the sector, sought to tap investors interested in small growth companies, and was willing to take a haircut. The deal was originally filed with a price range of BRL14-BRL20, and ended up coming at 28% discount to the bottom of that range. The IPO also marks the beginning of the Bovespa Mais, a section of the exchange reserved especially for small-cap companies, with guidelines designed to increase transparency and liquidity for small stocks. Nutriplant will begin trading on the Bovespa Mais today, and a celebration to launch the Mais will be held at the exchange.

The owners of Brazil’s Ponto Frio electronics retailer plan to sell their majority stake on the Bovespa, according to Brazil’s Estado de Sao Paulo, which cites board member Francisco Gros. Lily Safra and her son Carlos Monteverde will look to sell Globex Utilidades, which controls Ponto Frio, near the end of the first quarter. Credit Suisse is advising the controlling shareholders.

Hypermarcas, a Brazilian maker of food, cleaning, hygiene and medication products, has filed for an IPO on the Bovespa. The company had filed for an IPO last year, but pulled the plug when it opted to sell a 25% stake to a group of Mexican investors for $250m. Proceeds will fund new acquisitions, new product development, and working capital. The timing of the sale and expected price range were not communicated. Citi and Merrill Lynch are coordinating.

Le Lis Blanc Deux Com e Confeccoes de Roupas, a maker of women’s clothing and related products, has filed to sell shares on the Bovespa. The company, 85% controlled by the Artesia fund, did not indicate the timing of the offer, of both primary and secondary shares. Merrill Lynch will coordinate the transaction.

America Movil has obtained shareholder approval to boost its share buyback fund by MXP15bn to MXP65bn, the company said Friday in a filing with the Mexican Stock Exchange.

Cyrela Brazil Realty has cancelled plans to do an IPO on the Bovespa. The sale, for which an amount had not yet been specified, was cancelled due to volatility in the capital markets. The real estate developer said it did not rule out filing for another offer in the future. Technology group IdeiasNet pulled the plug on an offer last week, while Norse Energy, Nutriplant and Copasa have each postponed offerings recently citing market turbulence.