Bloomberg News

Brazilian Stock Movers: Santander Brasil, JSL, MRV Engenharia

November 23, 2011

Nov. 22 (Bloomberg) -- The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of the close. Preferred shares are usually the most-traded class of stock.

The Bovespa index declined 0.7 percent to 55,878.44.

Banco Santander Brasil SA (SANB11 BS) slid 6.1 percent to 12.84 reais. The lender’s parent, Madrid-based Banco Santander SA, said it will sell a 7.8 percent stake in its Chilean business to help plug a 5.22 billion-euro ($7.1 billion) capital shortfall identified by European banking regulators. Last week, the parent company said it would sell as many as 310.8 million American depositary receipts of the Brazilian unit.

JSL SA (JSLG3 BS) rose 0.5 percent to 8.50 reais. The Brazilian transportation company agreed to buy Rodoviario Schio Ltda. in a 250.3 million-real ($137.7 million) agreement, according to a regulatory filing. The transaction includes Schio’s estimated value of 405 million reais minus 154.7 million reais in debt and adjustments, according to the statement.

MRV Engenharia & Participacoes SA (MRVE3 BS) dropped 3.1 percent to 10.06 reais. The homebuilder, through third-party contractors, allegedly reduced workers to “slave-like” conditions at one site in Sao Paulo state and subjected them to precarious conditions at another, according to a statement yesterday on the website of the Brazilian government body responsible for investigating labor issues. Federal prosecutors are seeking fines totaling 11 million reais ($6 million) and inclusion on a blacklist that would cut off access to funding from state-controlled lenders, the statement said. The company denied the accusations today in a regulatory filing.

--Editors: Brendan Walsh, Glenn J. Kalinoski

To contact the reporter on this story: Alexander Cuadros in Sao Paulo at

To contact the editor responsible for this story: David Papadopoulos at

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