Deals
Banco do Brasil Gets $1.35 Billion Bid for Patagonia Unit
- Itau, BBVA and Banco Macro will proceed to next phase of deal
- Auction for Argentine bank could be completed within weeks
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Banco do Brasil SA received non-binding bids of more than $1.35 billion for Banco Patagonia SA, the company’s Argentina unit, as lenders seek to close a deal in coming weeks, people familiar with the matter said.
Itau Unibanco Holding SA, Banco Bilbao Vizcaya Argentaria SA and Banco Macro SA submitted the highest bids for Patagonia, Argentina’s 11th-largest bank by assets, and will move on to the final phase with binding offers, the people said, asking not to be named because the talks are private. Patagonia has a market value of about $1.97 billion, but buyers asked for a discount to compensate for inflation, which reduces the company’s value in peso terms.