Chinese Clinch BicBanco Deal

Chinese Clinch BicBanco Deal

Brazil China M&A

China Construction Bank has agreed to buy Brazil’s BicBanco for BRL1.62bn ($723m), BicBanco says, bringing rumors to life and giving one of China’s largest banks its first foothold in Brazil. The deal for the 72% stake – consisting of 157m common and 25m preferred shares – comes at BRL8.90 per common or preferred share. This represents a premium to the respective BRL7.38 and BRL7.50 closing prices Thursday. The price is subject to adjustments. Following necessary approvals, CCB would move ahead

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