SQM Holding Companies Plunge in Santiago on Share Sales

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By Eduardo Thomson

August 30, 2013 at 4:38 PM UTC

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Norte Grande SA and Soc. de Inversiones Oro Blanco SA, two holding companies controlled by Chilean fertilizer mogul Julio Ponce, plunged in Santiago after disclosing plans to sell a combined $467 million in new shares.

Norte Grande fell 14 percent to 2.1 pesos as of 11:25 a.m., while Oro Blanco lost 11 percent to 3.11 pesos.