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BrasilAgro Falls as Elie Horn Quits Board, Controlling Block

July 5 (Bloomberg) -- BrasilAgro - Companhia Brasileira de Propriedades Agricolas dropped the most in a week after the Brazilian farmland developer said shareholder Elie Horn resigned from the company’s board and will exit its controlling group.

Shares fell 1.4 percent to 7.55 reais at the close of trading in Sao Paulo. Trading volume surged more than 12-fold from the average over the past three months. The benchmark Bovespa index climbed 0.5 percent.

Horn, who also is chief executive officer at homebuilder Cyrela Brazil Realty SA Empreendimentos e Participacoes, is leaving BrasilAgro “exclusively for personal reasons” and will maintain his stake in the company, BrasilAgro said in a regulatory filing today.

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 at papadopoulos@bloomberg.net

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