Karoon Gas Cancels Unit's Planned Brazil IPO, Citing `Market Conditions'

Karoon Gas Australia Ltd., the energy explorer with prospects in Brazil and Peru, canceled a planned initial public offering of its South American business because of “unfavorable financial market conditions.”
Share sales by Brazilian oil and gas companies haven’t fared as well as expected, causing investor hesitation, Mt. Martha, Victoria-based Karoon said in a statement today to the Australian stock exchange. The explorer, which had sought as much as $773 million from the deal, said it will consider waiting for the market to improve before evaluating its options.
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Source: Bloomberg