October 7, 2011
Banco do Brasils stake in Banco Patagonia has reached 59.0% of the vo
Banco do Brasil’s stake in Banco Patagonia has reached 59.0% of the voting capital, following a tag-along offer to shareholders. In the process, the Brazilian Bank acquired 135.2m shares, to give it 424.1m total. At a net price of $0.98 per share, it will spend about $132m to increase its position. The move comes after BB bought 51% of the Argentine lender in 2010 for $479.7m.