Bradesco Unit to Buy 6.5% Odontoprev Stake From Founder
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Banco Bradesco SA’s health insurance unit has agreed to increase its stake in Odontoprev SA to more than half by purchasing 6.5 percent of the dental benefits provider’s voting shares from founder Randal Zanetti.
Bradesco Saude SA didn’t disclose how much it is paying for the stock. Zanetti has stepped down as Odontoprev’s chief executive officer and will become its vice-chairman, the dental benefits company said in a regulatory filing yesterday after the close of trading. The transaction, which would increase the insurer’s stake to 50.01 percent, needs to be approved by the central bank, according to the filing.