Thecompanysaidtoday itplanstobuyBraziliancopperproducerParanapanema SA for 2.01 billion reais as it seeks to become one of the world’s top producers of the metal.
Mr Lopes insists that tight monetary policy will slow the capital outflow, because it is no longer profitable to borrow reais to buy dollar-denominated Brazilian bonds, as it was when bond yields soared last month.
Capital-intensive businesses such as ethanol distilleries are struggling especially Brazilian ones whose debts are in dollars while their revenues come in depreciating reais.