Copersucar has cancelled its proposed US$1.7 billion IPO in light of unfavourable market conditions.
The Brazilian securities regulator posted the sugar company′s cancelation request on its website on Tuesday, after Copersucar postponed the offering on 20 July due to the gloomy global economic outlook.
The Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados partner that advised Copersucar, Jean Marcel Arakawa, says ′we hope that the company will make a new and successful attempt, when market conditions improve′.
At the beginning of July Latin Lawyer reported that Mattos Filho and Milbank, Tweed, Hadley & McCloy LLP would be advising Copersucar on its equity market debut, while Machado, Meyer, Sendacz e Opice Advogados and Cleary Gottlieb Steen & Hamilton LLP were assisting the banks.
The deal could have been Brazil′s largest IPO in two years.
Copersucar is not the only company to have shelved its IPO plans. According to Bloomberg at least nine companies have cancelled IPOs in Brazil this year and eight of the 10 that went forward with their launch plans priced them at the bottom of their ranges or below.
One example is educational company Abril Educação, which expected to raise US$427 million but ended up securing US$239 million. Pinheiro Neto Advogados and White & Case LLP advised the company on that deal, while Pinheiro Guimarães - Advogados and Simpson Thacher & Bartlett LLP helped the banks.
Counsel to Copersucar
In-house counsel - Marcelo Prais and Caroline Daruich
Brazil
Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados
Partners Jean Marcel Arakawa and Rodrigo Ferreira Figueiredo, and associates Frederico Kerr Bullamah, Daniel Pereira de Almeida Araújo and Vitor Laino Mascara
US
Milbank, Tweed, Hadley & McCloy LLP
Partners Andrew Jánszky and Tobias Stirnberg, and associates Claudio Oksenberg and Arnaldo Rego
Counsel to the banks
Brazil
Machado, Meyer, Sendacz e Opice Advogados
Partner Eliana Ambrósio Chimenti and associates Joana Paula Cardozo, Gustavo Secaf Rebello, Luis Antônio Marimon Netto and Karina Cardozo de Oliveira
US
Cleary Gottlieb Steen & Hamilton LLP
Partner Juan Giraldez and associates John Delaney, Greta Trotman and Jonathan Mendes de Oliveira
(Latin Lawyer 05.08.2011)
(Notícia na Íntegra)