By Nathan Gill
Oct. 9 (Bloomberg) -- Empresas CMPC SA, Chile’s second-biggest pulp producer by market value, fell the most in two weeks after the company said it would offer $500 million in new shares.
CMPC, owned by Chile’s billionaire Matte family, dropped 1.3 percent to 19,400 pesos in Santiago trading at 1:34 p.m. New York time and earlier fell 3.3 percent for the biggest intraday drop since September 25.
Shareholders in the Santiago-based company approved the sale of 20 million new shares at 13,800 pesos each, or $500 million, the company wrote today in a statement posted on the Web site of Chile’s securities regulator. CMPC said yesterday it will purchase a pulp unit in southern Brazil from Fibria for $1.43 billion.
“Today’s fall is a typical fall happening after the announcement about share prices,” Hernan Guerrero, an analyst at FIT Research Corredores de Bolsa SA in Santiago, said today in a telephone interview from Santiago. “This should pass pretty quickly.”