Santander Picks Rothschild to Value Brazil Minority Stake

Banco Santander SA (SAN) shareholders selected Rothschild to appraise its 4.7 billion-euro ($6.4 billion) bid for minority shareholders’ stakes in its Brazilian unit.

Rothschild will assess the voluntary per-share offer of 15.31 reais ($6.87), according to a regulatory filing today. Madrid-based Santander said on April 29 it would issue as many as 665 million shares in the transaction.

Brazil is losing ground to Britain as the nation that contributes most to Santander’s earnings as economic growth slows. Santander Brasil declined 46 percent from its initial public offering in October 2009 through April 29, when the parent company announced the buyback.

Santander Brasil will remain listed in Sao Paulo with a free float of less than 25 percent of its total shares, Chief Executive Officer Jesus Zabalza said in April.

To contact the reporter on this story: Francisco Marcelino in Sao Paulo at

To contact the editors responsible for this story: Peter Eichenbaum at Steve Dickson, Steven Crabill

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