BNY Mellon Appointed to Upgrade Suzano Depositary Receipts Program to New York Stock Exchange Listing
NEW YORK, Dec. 10, 2018 /PRNewswire/ -- BNY has announced that it has been appointed by Suzano Papel e Celulose SA (Suzano) to upgrade its current Level I American Depositary Receipt (ADR) program, traded over the counter, to a Level II program to be traded on the New York Stock Exchange (NYSE). The upgraded program will be listed under the symbol SUZ, effective today, with each ADR representing two ordinary shares. Suzano's ordinary shares are listed on the São Paulo Stock Exchange.
BNY Mellon has supported Suzano's access to U.S. equity markets for over 25 years. Most recently, BNY Mellon was appointed depositary bank for the merged company that will result from Suzano and Fibria Celulose SA (Fibria)'s deal. Today's conversion represents a critical step in this merger, needed for Suzano to absorb Fibria's current NYSE-listed ADR program. The merged entity, which will retain the name Suzano, will be a leading global pulp and paper player.
"Listing Suzano on the NYSE with this ADR program is an important step in the process of our merger with Fibria," said Marcelo Bacci, Chief Financial Officer, Suzano Papel e Celulose SA. "At the same time, BNY Mellon is helping us extend our ability to meet the needs of the shareholder bases on both sides of this transaction."
"We are very pleased to support Suzano throughout the evolution of its ADR program and create the foundation for its new merged entity as well," said Christopher Kearns, Chief Executive Officer, Depositary Receipts, BNY Mellon. "We are honored by this appointment and see Suzano's decision as a sign of recognition for the more than two decades of service we have provided to Suzano to date."
BNY Mellon acts as depositary for 832 sponsored American and global depositary receipt programs as of September 30, 2018. Acting in partnership with leading companies from over 55 countries, BNY Mellon is committed to helping securities issuers access the world's rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services. Learn more at www.bnymellon.com/dr.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of September 30, 2018, BNY Mellon had $34.5 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
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SOURCE BNY Mellon
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