Poor market conditions have compelled São Paulo, Brazil-based Votorantim Cimentos S.A. to withdraw a multi-billion-dollar offering earmarked for São Paulo Stock Exchange and New York Stock Exchange trading.

“The current market conditions reinforce the low probability of a window of opportunity for the offering in the short term,” the company said in a statement. It is still considering a stock sale and will continue to monitor markets.

Votorantim Cimentos, Brazil’s largest cement producer, initially filed for an IPO with the U.S. Securities and Exchange Commission in April, but postponed its share offering in June until September.

The IPO would have been one of the largest this year, and was seen as a key test of investors’ perceptions of Brazil and the broader emerging markets.

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