Corpbanca Shareholder Seeks Separate Review of Itau’s Bid

A Corpbanca SA (CORPBANC) minority shareholder, the International Finance Corp., plans to hire an investment bank to assess Itau Unibanco Holding SA (ITUB4)’s $2.2 billion offer to purchase the Chilean company.

The IFC, a unit of the World Bank, will proceed with its review regardless of the findings of a separate assessment by Universidad de Chile commissioned by Santiago-based Corpbanca, according to a July 7 letter from Corpbanca to the Chilean securities regulator.

Officials at the IFC, which owns about 5 percent of Corpbanca, didn’t immediately respond to a request for comment.

Bank of America Corp. and Goldman Sachs Group Inc. advised Corpbanca on the offer by Sao Paulo-based Itau, Corpbanca Chief Executive Officer Fernando Massu said in the letter. Itau said in January it expects to conclude the transaction this year.

Another Corpbanca minority shareholder, Cartica Management LLC, has filed a lawsuit in New York to halt Itau’s purchase. Cartica argued that Itau and Chilean billionaire and Corpbanca controlling shareholder Alvaro Saieh negotiated “inequitable special benefits” for Saieh and others.

“Corpbanca has publicly disclosed to its shareholders and the market in general all information relative to the transaction, going above and beyond the norm,” Massu said in the letter about the IFC’s review.

Officials at Itau and Corpbanca didn’t immediately respond to calls seeking comment.

To contact the reporter on this story: George Rosa Acosta in New York at grosaacosta@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net Steve Dickson, Steven Crabill

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