BTG Sets Panamericano Tag-along

BTG Sets Panamericano Tag-along

Brazil M&A Equity

BTG Pactual plans to hold a tag-along offer for outstanding shares of Banco Panamericano September 16, to complete the takeover of the troubled lender. The bank bought Silvio Santos’ stake in troubled mid-tier Brazilian lender Panamericano in January for BRL450m, and BTG Pactual is now offering minority investors BRL4.89 per share for the 63m shares outstanding, meaning a BRL309m spend if 100% accept. This is the same price it paid Santos, and represents a 56.05% stake in the bank, or essen

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