Brazilian Stock Movers: Lupatech, Telemar Decline; Tam Advances

The following companies had unusual (IBOV) price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of the close of trading. Preferred shares are usually the most-traded class of stock.

The Bovespa Index dropped 1.5 percent to 56,646.87.

Lupatech SA (LUPA3 BS) sank 3 percent to 4.56 reais. Brazil’s biggest provider of oil equipment and services called a bondholders meeting for Dec. 29 to decide on a waiver for debenture obligation, according to a regulatory filing. In a separate statement, the company said 63 percent of holders of perpetual bonds approved yesterday the sale of its Steelinject unit.

Tam SA (TAMM4 BS) gained 1.5 percent to 36.33 reais. Brazil’s antitrust regulator, known as Cade, approved Lan Airlines SA’s planned $3.2 billion acquisition of Tam in a unanimous vote in Brasilia today.

Telemar Norte Leste SA (TMAR5 BS) fell 3.2 percent to 48.42 reais. Brazil’s biggest fixed-line phone company was lowered to “hold” from “buy” at Deutsche Bank AG.

To contact the reporter on this story: Ney Hayashi in Sao Paulo at ncruz4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos in New York at papadopoulos@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.