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Brazilian Stock Movers: Lupatech, Telemar Decline; Tam Advances

Dec. 14 (Bloomberg) -- The following companies had unusual 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

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