By James Attwood
Sept. 1 (Bloomberg) -- The following companies may have unusual price changes today in Latin American trading. Stock symbols are in parentheses and share prices reflect the previous close.
The MSCI Latin America Index fell 2 percent to 3,294.54.
Brazil
Minerva SA (BEEF3 BS): Brazil’s third-largest publicly traded beef producer said it plans to raise up to 159 million reais ($84.6 million) by selling new common shares. The company said yesterday it plans to sell between 20.4 million and 30 million new stock for 5.30 reais each. Minerva fell 0.9 percent to 5.7 reais.
Petroleo Brasileiro SA (PETR4 BS): Brazilian President Luiz Inacio Lula da Silva unveiled a plan to increase state control of the oil industry, proposing regulations to help the country become one of the world’s 10 largest oil-producing nations. Petrobras, as the state-run producer is known, will be the sole operator of all so-called pre-salt oil fields that include the Americas’ largest discovery since 1976. The Rio de Janeiro-based company also will hold a minimum 30 percent stake in all joint ventures set up to bid for licenses, and the government may increase its ownership of Petrobras in exchange for oil rights, according to a statement from Lula’s office. Petrobras fell 3.6 percent to 31.38 reais.
Chile
Cap SA (CAP CC): Chile’s largest steel and iron-ore producer had its share projection increased at brokerage EuroAmerica, which cited prospects for higher prices next year. Cap probably will rise to 15,630 pesos by the end of next year, analyst Carla Araya wrote in a note to clients distributed yesterday, replacing an end-2009 estimate of 13,527 pesos. Cap fell 2 percent to 13,260 pesos.
Mexico
Controladora Comercial Mexicana SAB (COMERUBC MM): The Mexican retailer that defaulted on debt in October said local bondholders approved a proposal to exchange their bonds for new debt. Each of the defaulted bonds can be exchanged for a new seven year bond, the company known as Comerci, said yesterday in an e-mailed statement. Comerci fell 5.2 percent to 10.94 pesos.
To contact the reporter on this story: Emily Schmall in Mexico City at eschmall@bloomberg.net
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