CCR Falls as Folha Says Sao Paulo to Cut Road Tolls by 20%

April 9 (Bloomberg) -- CCR SA, the manager of Sao Paulo state’s main highways, fell after newspaper Folha de S.Paulo reported that it reached an agreement with the government to reduce tolls as much as 20 percent.

Shares slumped 1.5 percent to 20.33 reais at the close of trading in Sao Paulo, while the benchmark Bovespa index rose 1.5 percent.

Sao Paulo Governor Geraldo Alckmin may announce the reduced tolls next month, Folha reported, without saying where it got the information. CCR’s press office in an e-mailed response to questions said the company “is always willing to find solutions that benefit and improve services to clients.” It didn’t say if it plans to lower the road-use fees. Artesp, the agency that administers highway concessions, didn’t respond to a phone call seeking comment.

CCR manages the roads that connect the state capital to its second-biggest city, Campinas, and Sao Paulo to Rio de Janeiro. The shares have gained 4.5 percent this year while the Bovespa slumped 8.3 percent.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

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