Cap, Endesa, Marisa, Petrobras, Salfacor: Latin Equity Preview

By William Freebairn and James Attwood

Dec. 18 (Bloomberg) -- The following companies may have unusual price changes today in Latin America trading. Stock symbols are in parentheses and share prices reflect the previous close.

The MSCI Latin America Index rose 1.8 percent yesterday to 2,203.51.

Brazil

Braskem SA (BRKM5 BS): South America’s largest petrochemicals company is seeking financing for 70 percent of an ethanol-based resin plant in Triunfo, southern Brazil. Braskem’s board approved the 500 million reais ($211 million) project, with the remaining 30 percent of the cost to be funded with the company’s own cash. Braskem was unchanged at 5.65 reais.

Marisa SA (MARI3 BS): Brazil’s second-biggest publicly traded clothing company will likely reach 9.70 reais a share by the end of next year, in part because of its focus on the lower- middle class, Itau Corretora analyst Ricardo Fernandez wrote yesterday in a note. That’s 26 percent higher than his previous share-price estimate. Marisa rose 1.6 percent to 3.25 reais.

Petroleo Brasileiro SA (PETR4 BS): Brazil’s state- controlled oil company was instructed yesterday by antitrust regulators to sell some distribution assets in Brazil’s mid-west region as part of its takeover of Grupo Ipiranga, Brazil’s second-biggest oil company. Petrobras, as the company is known, agreed to buy Ipiranga in March of 2007. Petrobras rose 2.3 percent to 24.35 reais.

Positivo Informatica SA (POSI3 BS): Brazil’s biggest computer maker rejected a buyout offer from Lenovo Group Ltd. and said it has no ongoing negotiations. Positivo called an 18 reais per share offer from Lenovo yesterday “not attractive in the long term,” in a regulatory filing yesterday. Positivo fell 26 percent to 8.14 reais after the Wall Street Journal said yesterday Lenovo was not pursuing its bid for the Brazilian company.

Chile

Cap SA (CAP CC): Chile’s biggest steelmaker probably will shelve many of its investment projects as declining prices dim its earnings outlook, said Carla Araya, an analyst at Euroamerica Corredores de Bolsa SA. Cap shares rose 1.6 percent to 7,149.80 pesos.

Empresa Nacional de Electricidad SA (ENDESA CC): Chile’s biggest electricity generator had a $338 million bond issue rated ‘AA-(chl)’ by Fitch Ratings because of Endesa’s “solid” credit quality and financial profile, conservative commercial policies and “ample” liquidity. Endesa fell 0.6 percent to 745.97 pesos.

Salfacorp SA (SALFACOR CC): The construction management and real-estate company raised 25.6 billion pesos ($40.3 million) through the sale of 50.7 million new shares. Salfacorp sold 66 percent of the shares to existing holders in an offering concluded Dec. 13 and placed the remainder yesterday, it wrote in statement. Salfacorp rallied 4.8 percent to 520 pesos.

Mexico

Cydsa SA (CYDSASAA MM): The chemical maker that agreed to sell plastic units in April said in a filing that Chairman Tomas Gonzalez Sada owns 49 percent of the company’s shares. Cydsa fell 2.3 percent to 7.20 pesos.

-- With reporting by Paulo Winterstein and Heloiza Canassa in Sao Paulo and Nathan Gill in Santiago. Editors: John Simpson, Greg Chang.

To contact the reporters on this story: William Freebairn in Mexico City at wfreebairn@bloomberg.net; James Attwood in Santiago at jattwood3@bloomberg.net;