Votorantim Cimentos reschedules IPO, Brazil

Votorantim Cimentos SA has postponed its US$4.8bn initial public offering until later this year, after cancelling plans to launch the deal this week.

On Wednesday, Brazil's largest cement producer confirmed it has ditched plans to launch the IPO, but said it will bring the deal back to market later this year on 11 September 2013.

A source close to the situation had previously said that controlling shareholder Votorantim Participações was unwilling to sell its stock of Votorantim Cimentos below the suggested price range of 16 reais to 19 reais. A second source said potential investors pledged to take part so long as shares offered a "large discount" relative to the bottom of the suggested range.

Votorantim Cimentos and shareholders had planned to sell a combined 400 million units, which consisted of one ordinary and two preferred shares.