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Business and Banking

Jun 1, 2003

ABN Amro Buys Sudameris

Italy's Banca Intesa finally sold its Brazilian subsidiary Banco Sudameris Brasil to ABN Amro Holding of the Netherlands in April, for R$2.29 billion ($741.5 million) in cash and stock. The deal strengthens ABN Amro's São Paulo-based Banco ABN Amro Real, the country's second- largest foreign-owned bank. Intesa last year tried to sell Sudameris to Banco Itaú, Brazil's second-biggest private sector bank, for $1.4 billion but talks bogged down as the value of the Brazilian real and financial assets slid. ABN agreed to pay Intesa R$527 million in cash and R$1.77 billion in Banco Real stock for 94.6% of Sudameris. ABN Amro plans to make a tender offer for outstanding Sudameris stock on the São Paulo stock market.

 



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