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Mexichem ices stock offering amid market turmoil

Mon Sep 29, 2008 5:46pm EDT

Stocks

   

MONTERREY, Mexico, Sept 29 (Reuters) - Mexichem, a leading Mexican petrochemical firm, said on Monday it was putting plans for a stock offering on hold because of market volatility stemming from the U.S. credit crisis.

On Monday, stocks across the globe plunged after the U.S. House of Representatives rejected a $700 billion bailout of the crippled financial sector.

"Considering the current situation of financial markets ... (Mexichem) has decided to suspend the process started in July for a public share offering," the company said in a release.

Mexichem (MEXCHEM.MX) announced in July it planned to offer up to 200 million new shares to raise cash and boost growth.

Mexichem's shares closed at 19.14 pesos on Monday, down 12.32 percent. The company said it could resume the offering if market conditions improve. ($1 = 11.04 pesos) (Reporting by Gabriela Lopez; Editing by Gary Hill)



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