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Share Slide Roughs Up Marfrig Sale

Dec 5, 2012

Brazil’s Marfrig has priced a BRL1.05bn ($495m) equity follow-on, coming at an 11.6% discount and seeing weak demand after its share price dropped 22% during Monday and Tuesday. The meatpacker is offering 131m shares, including a 15% greenshoe and part of a 20% hot issue, at BRL8.00 each, according to the CVM, versus Tuesday’s BRL9.05 closing price. The sale was heard to be more...

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At a fundamental level, the issue is how to generate healthy returns in the medium to long term. Policy holders can see their fund go down over the course of a week or a month, but what we really should be looking at is returns over 20 or 30 years.

Daniel Schydlowsky, Peru’s banking, insurance and private pension fund regulator


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