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Portuguese food retailer Sonae MC calls off IPO

Portugal's Sonae SGPS S.A. has scrapped its plans to list 217,360,000 ordinary shares of its subsidiary, Sonae MC SGPS SA, in an IPO on Euronext Lisbon, citing "current adverse conditions in international markets."

The holding company announced the decision Oct. 11 without disclosing further details about the withdrawal.

Sonae SGPS initially planned to offer the shares through its unit Sonaecenter Serviços SA, with the price range set between €1.40 and €1.65, targeting proceeds between €304 million and €359 million.