Submarino Amends Offering

São-Paulo-based Internet retailer Submarino has withdrawn an offering of shares to retail investors after the Brazilian securities market regulator, CVM, said there may have been violations of the “quiet period” – part of disclosure regulation that forbids a company from making a public statement regarding its offering. However, the company is to go ahead with an offering for institutional clients. Submarino had hoped to raise around $300 million from the share offering. The sale is being arranged by Credit Suisse Group.