BTG Sets Panamericano Offer

BTG Sets Panamericano Offer

Brazil M&A

After buying Silvio Santos’ stake in troubled mid-tier Brazilian lender Panamericano in January for BRL450m, BTG Pactual is making its required tag-along offer to minority investors for 63m shares at BRL4.89 per share. This is the same price it paid Santos and represents a 56.05% stake in the bank, or essentially the portion that is not owned by BTG or Caixapar, the investment arm of state-owned bank Caixa Economica Federal. Timing is to be determined following approval by regulator CVM. Pa

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