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Argentine securities regulator CNV approved the public offering launched by federally controlled Brazilian bank Banco do Brasil (BB) to increase its stake in Banco Patagonia, the latter said in a press release and a filing with the Merval stock exchange in Buenos Aires.
BB already controls 51% of Patagonia, which it purchased in April last year after paying US$480mn - or US$1.31 a share - to the Argentine bank's former owners, the Stuart Milne brothers.
The Brazilian bank is now proposing to pay minority shareholders 5.12 pesos a share, which is equal to the US$1.314 a share initially proposed minus 0.3347 pesos from a dividend recently paid.
Minority shareholders have 20 working days starting August 17 to decide if they accept BB's offer, according to the release.