BUZZ-Adecoagro slides after launching $300 million share sale

Reuters
Dec 10
BUZZ-Adecoagro slides after launching $300 million share sale

** Shares of New York-listed Adecoagro AGRO.N, a company that produces dairy in Argentina, rice in Uruguay and sugar and ethanol in Brazil, down 13% at $7.22 in extended trading

** AGRO kicks off public offering of $300 million worth of shares

** J.P. Morgan and BofA Securities will act as global coordinators and joint book-running managers, while BTG Pactual, Citigroup and Itaú BBA will act as joint book-running managers

** Controlling shareholder Tether has indicated interest in buying $200 million worth of the shares, while certain AGRO executives have indicated interest in purchasing nearly $26 million worth of the shares

** AGRO has 100.1 million outstanding shares as of September 30, according to offering prospectus

** One of five brokerages rates the stock "buy", two "hold" and two "sell"; median PT $8.75 — data compiled by LSEG

** As of last close, AGRO stock down 11.8% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))

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