Bidders Circle Chile’s Cuprum

Cuprum, the Chilean pension fund manager controlled by the Penta group, is close to being sold to one of a handful of bidders, say bankers away from the deal. JPMorgan is heard to be advising the AFP on the sale. Local financial daily Diario Financiero reported Penta is heard requesting a $1bn price tag for the pension fund whose market cap stood at $567m Tuesday. HSBC and MetLife are among the rumored bidders for Cuprum, says the paper. The company’s stock has risen 78% in the past year, with the most recent 20% run beginning on January 29. Last year ING bought Santander’s pension fund businesses in Mexico, Chile, Colombia and Uruguay for $1.3bn.