--Brazil's Neoenergia SA (NEOE3B.SM)--in which Iberdrola SA (>> Iberdrola) has a 52.45% stake--has suspended its initial public offering after its other two shareholders, Banco do Brasil SA (>> Banco do Brasil SA) and pension fund Previ, rejected the price range sought by investors, Europa Press cites sources as saying.
--Sources said that the indicative price range valued Neoenergia shares at between 15.02 Brazilian real ($4.5) and BRL18.52 ($5.56) each, Europa Press reports.
--According to Europa Press, sources said that Banco do Brasil and Previ preferred to cancel the IPO after the market didn't react to the proposed listing as expected.
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