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Author: rnam Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 402  
Subject: Brazilian Real estate co. Date: 9/10/2008 3:53 PM
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Sept. 10 (Bloomberg) -- Brazilian real estate company Company SA fell as much as 14 percent, the biggest drop since its initial public offering in 2006, on investors' perception that Brascan Residential Properties SA paid less than market value to acquire its rival.

Shareholders at Sao Paulo-based Company will receive 200 million reais ($112.3 million) in cash and about 77 million Brascan shares, Brascan said in a statement on the Brazilian securities regulator's Web site. Brascan is controlled by Brookfield Asset Management Inc., a Canadian real estate company.

Based on Brascan's closing price yesterday, the acquisition is valued at 682 million reais. The price paid for Company SA was below market value, said Christopher Palmer, who helps to manage about $7 billion in emerging market stocks at Gartmore Investment Management in London. Company had a market value of 725.1 million reais at yesterday's close, Bloomberg data showed.

http://www.bloomberg.com/apps/news?pid=20601086&sid=a83C...
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