Deals
Qatari Fund to Sell $900 Million Holding in Santander Brazil
- Qatar will sell approximately 40 percent of 5.5% position
- Wealth fund selling stake after shares rally in the past year
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Qatar Investment Authority, the Persian Gulf country’s sovereign wealth fund, is selling as much as $900 million-worth of shares in Banco Santander SA’s Brazilian unit, taking advantage of a more than 75 percent rally in the stock over the past year.
The Qataris are offering 80 million units composed of one common share and one preferred share in Banco Santander (Brasil) SA to international investors in a sale being underwritten by banks including Credit Suisse Group AG and Bank of America’s Merrill Lynch unit, according to a prospectus sent on Tuesday. Units are being offered in the form of American depositary shares, which closed at $9.77 yesterday on the New York Stock Exchange.