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Shunned Billionaires Said to Challenge Peru Bottler Deal

  • Arca agreed to pay $760 million for Corp. Lindley in September
  • Minority holders in Lindley say they were left out of deal
relates to Shunned Billionaires Said to Challenge Peru Bottler Deal
Photographer: Chris Ratcliffe/Bloomberg
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Some of Chile’s richest investors, including former President Sebastian Pinera, are challenging Arca Continental SAB’s takeover of Coca-Cola Co.’s Peruvian bottler, saying that as minority shareholders they were unfairly frozen out of the accord, people with knowledge of the matter said.

Fratelli Investments Ltd., owned by the Solari family, and investors tied to brokerage firm Larrain Vial are part of a group that has written a letter to Peruvian regulators asking them to look into the $910 million agreement to buy Corp. Lindley SA, said the people, who asked not to be identified because the information isn’t public. Bancard Inversiones Ltda, which belongs to Pinera, supports the action but didn’t sign the letter, a spokesman for the investment firm said. The regulator refused to confirm receipt of the letter when contacted by Bloomberg.