Copersucar, the Brazilian sugar trading cooperative, has cancelled its $1.7 billion initial public offering (IPO) in Brazil, Bloomberg reports. The offering was withdrawn due to unfavorable market conditions and the global economic environment.
The company is looking to re-launch the IPO at a later date. The company intended to sell as many as 145.9 million shares. Copersucar will continue its plans to invest $1.276 billion by 2015 to expand its sugar export capacity at the port of Santos.
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