Bloomberg News

Qualicorp Falls Most in Five Months on Sale: Sao Paulo Mover

February 24, 2012

Feb. 23 (Bloomberg) -- Qualicorp SA, a Brazilian health- insurance broker, fell the most in five months after saying controlling shareholder Carlyle Group and founder Jose Seripieri Filho plan to sell existing shares in the company in a public offering.

Qualicorp dropped 4.8 percent to 16 reais at 4:13 p.m. in Sao Paulo, and earlier retreated 6.1 percent for the biggest intraday decline since Sept. 22. The shares have lost 4.5 percent this year.

“You have a large quantity of shares coming to the market,” said Joao Carlos dos Santos, an equity analyst at Banco BTG Pactual SA in Sao Paulo. “The fact that the company’s founder is also selling shares is a bit unusual and a bit more negative.”

The offering, which is being managed by Credit Suisse Group AG, Bank of America Merrill Lynch and Banco Bradesco BBI SA, could total as much as 850 million reais ($498 million), Valor Economico reported today. Goldman Sachs Group Inc. may also participate in the sale, the Sao Paulo-based newspaper said.

Qualicorp declined to comment in an e-mailed statement.

Washington-based Carlyle owns 39.7 percent of Qualicorp through investment vehicle BHCS FIP, while Seripieri holds 28 percent through a vehicle named L2 FIP, according to the company’s website. The company and its shareholders raised 943.6 million reais in an initial public offering in June.

--With assistance from Francisco Marcelino in Sao Paulo. Editors: Brendan Walsh, Glenn J. Kalinoski

To contact the reporter on this story: Karen Eeuwens in London at keeuwens@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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