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BrasilAgro Scraps Brazil Share Sale, Citing Market Condition

May 17 (Bloomberg) -- BrasilAgro - Cia. Brasileira de Propriedades Agricolas, a Brazilian farmland company, said it canceled plans to sell additional shares after market conditions worsened.

“Market conditions have deteriorated, so we decided to cancel the offering,” Ana Ribeiro, an investor relations coordinator, said today in a telephone interview from Sao Paulo. She declined to comment on alternative funding options for the company.

BrasilAgro postponed the share sale twice this year, in April and February, citing market conditions. The Sao Paulo-based company planned to use about 70 percent of proceeds from the offering to buy farmland, according to a preliminary prospectus.

BrasilAgro is the third company to cancel a share sale this year in Brazil. Companhia de Aguas do Brasil canceled an initial public offering in March and Inepar SA Industria & Construcoes canceled a share sale in February, according to the Brazilian securities regulator’s website.

BrasilAgro, which earlier today declined as much as 1.9 percent, erased some of the loss and closed down 0.5 percent at 10.65 reais in Sao Paulo trading today.

Banco Merrill Lynch de Investimentos was leading the offering.

To contact the reporter on this story: Lucia Kassai in Sao Paulo at lkassai@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net.

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