Brazilian Regulator Suspends Perdigão’s Global Offering

Brazilian securities regulator (CVM), Tuesday, suspended the October 19 global share offering of local food-processor Perdigão for 15 days. The Regulator said that one of the brokers acting for the company had broken the “quiet period” disclosure regulations. Perdigão, Brazil’s second-largest food processor, is planning a global issue of up to 32 million common shares, or 24% of its capital, in New York as ADRs and via Bovespa. Each ADR will represent two common shares. The offering, which is expected to raise up to $371 million, is being arranged by Credit Suisse and Itaú BBA. The sale will take the company’s free float from 43.8% to 46.6%.