December 11, 2020
Brazilian brewing company Ambev has received board approval for an equity swap with banks that could be worth as much as BRL1.2 billion ($238 million).
The São Paulo-based beer maker will use up to 80 million shares, including its American depositary receipts (ADRs), as the underlying asset for a transaction within 18 months, Ambev said in a securities filing on Wednesday.
"The purpose of the transaction is to neutralize the possible effects of stock price oscillation in view of the future deliv
Brazilian brewer will use shares and ADRs as underlying assets for a $238 mln deal within 18 months