Brisa Stock Drops on Regulator’s Minority-Holding Ruling

Brisa-Auto Estradas de Portugal SA fell the most in more than four months after the country’s securities regulator said the road operator’s biggest investor won’t have to buy all stock before ending the company’s listing.

Brisa dropped as much as 11 percent to 1.97 euros a share, the biggest intraday decline since Aug. 10, and was trading down 9 percent at 11:54 a.m. in Lisbon, valuing the toll-road management company at 1.21 billion euros ($1.58 billion).

“Some investors are selling Brisa shares because they don’t want to risk not getting paid before the company exits the stock market,” said Pedro Oliveira, a trader at Go Bulling in Lisbon.

Tagus Holdings Sarl, a venture of Portuguese holding company Jose de Mello SGPS SA and Arcus Infrastructure Partners, asked the regulator, or CMVM, on Sept. 4 for permission to remove Brisa from trading in Lisbon after securing 92 percent of the highway operator’s voting rights.

The CMVM said late yesterday in a supplementary statement to its decision that Tagus should give minority shareholders a chance to sell their stakes before Brisa’s de-listing, though it may not have to buy shares from investors who acquired stock after the results of its takeover bid were announced Aug. 9. Tagus has 15 working days from the Dec. 5 ruling date to respond, the regulator said.

To contact the reporter on this story: Henrique Almeida in Lisbon at

To contact the editor responsible for this story: Jerrold Colten at

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