Brazil’s Votorantim Said to Sell $300 Million in Suzano Shares

Brazilian industrial conglomerate Votorantim SA has reduced its stake in Suzano SA, the world’s biggest wood-pulp producer, according to people familiar with the matter.

Votorantim sold 25 million Suzano voting shares at 64.60 reais each in an auction Thursday, said the people, asking not to be named because the information isn’t public. The transaction totaled about 1.6 billion reais ($300 million) and had JPMorgan Chase & Co. as the sole underwriter, they said.

Suzano declined to comment and Votorantim didn’t immediately reply to an emailed request looking for comment.

Votorantim had already sold 25 million of Suzano shares in December, bringing its total stake to about 50 million shares, or 3.7% of the firm before Thursday’s block trade. JPMorgan was also the sole bank on that deal.

Suzano fell 0.7% to 65.43 reais as of 6 p.m. local time in Sao Paulo. Earlier, it dropped as much as 2%.

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