June 18, 2013 / 7:18 PM / 4 years ago

Brazil's Votorantim Cimentos suspends IPO plans -source

SAO PAULO, June 18 (Reuters) - Votorantim Cimentos SA, Brazil’s largest cement producer, and shareholders canceled plans to list shares on Sao Paulo’s stock exchange, a source with direct knowledge of the situation said on Tuesday, citing deteriorating market conditions.

The source, who declined to be named because the decision has not yet been made public, said shareholders of Votorantim Participacoes, the controlling shareholder of Votorantim Cimentos, are unwilling to sell shares of the cement producer below a suggested price range of 16 reais to 19 reais.

The company and shareholders hoped to place a combined 400 million units, a blend of common and preferred stock, on Wednesday.

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