Brazil reconsiders IRB IPO
Brazil's government could sell its stake in the largest reinsurer in Latin America, IRB Brasil Re, through a public auction instead of an IPO.
The government's economic team is in talks with its private partners in IRB – Banco do Brasil, Bradesco, Itaú and Caixa Barcelona – to possibly arrange an auction in the second half of the year, Agencia Estado reports.
A public auction would be speedier than an IPO.
Initially an IPO was scheduled for October 2015 but was called off due to the impact of the country's economic crisis on the estimated 4bn reais (US$1.1bn) transaction.
In 2015 IRB reported 764mn reais in net income, the highest in its history and almost double over 2014, with 4.3bn in underwritten premiums.
Facing a deep recession this year, the federal government hopes the IRB stake and a Caixa Seguridade IPO can bring some much needed income to its coffers. Both transactions are included in the 2016 federal budget.
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