Banco do Brasil has launched a takeover offer to buy out minority shareholders in Argentina’s Banco Patagonia, The Wall Street Journal reports. The Brazilian lender will bid for around 38.4% of Patagonia’s equity.
Banco Patagonia’s original owners, who sold 51% stake to Banco do Brasil, will retain a 10.6% interest. As per the deal, the Brasília-based bank will sell up to 14.4% of Banco Patagonia shares back to the Argentine shareholders.
Click here for the story from The Wall Street Journal.