Spain's Isolux Cancels IPO Plans For Brazil Unit
March 15 2012 - 2:07PM
Dow Jones News
Spanish infrastructure company Isolux Corsan has canceled plans
to hold an initial public offering of shares in its Brazilian unit,
Isolux Infrastructure, the company said Thursday.
The company didn't disclose reasons for the cancellation. Isolux
originally announced its IPO plans in August.
This is the third IPO that has run into difficulties in Brazil
this year.
At the end of January, Norwegian oil-and-gas equipment company
SeaDrill Ltd. (SDRL, SDRL.OS) postponed its plans to hold an
initial public offering for its Brazilian unit in order to gain
time to make certain changes to its corporate structure.
In February, Brasil Travel Turismo e Participacoes S.A canceled
plans to hold an initial share sale in Brazil due to "unfavorable
market conditions."
-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-3544-7071;
rogerio.jelmayer@dowjones.com