BB to Move for Rest of Banco Patagonia

Banco do Brasil is preparing to launch its tag-along offer to buy additional shares in Argentina’s Banco Patagonia. Between September 1 to September 28, the bank is offering holders $0.98 per share – based on a $1.31 price minus a $0.33 dividend payment – for the 38.4% it does not own. This would mean a $271m purchase with full acceptance, though it will almost certainly be less, as shareholders representing 10.6% committed to retain their stake at the time of the sale last year. Banco Patagonia shares closed Friday at ARP5.03 ($1.20). Banco do Brasil bought 51% of Banco Patagonia for $479.7m, or $1.31 per share, in April 2010.