Brazilian government, BB Seguros sell stakes in reinsurer IRB

Brazilian government, BB Seguros sell stakes in reinsurer IRB

Equity Corporate & Sovereign Strategy Brazil

The Brazilian government and BB Seguros have sold their shares in reinsurer IRB, raising BRL7.4bn ($1.97bn). The two companies offered 84m shares on the stock market at BRL88 each, IRB said. BB, a unit of Banco do Brasil, and BNDES (which held the government’s stake) owned 15.2% and 11.7% of IRB, respectively, an IRB investor relations representative told LatinFinance. She noted, however, that Brazil will retain some control over IRB “They have exited their position, but the government will reta

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