Brazilians Continue Share Buybacks

Bradesco and Brazilian healthcare provider Tempo are the two latest Bovespa members to repurchase sagging shares. Bradesco plans to absorb up to 7.5m preferred shares and up to 7.5m common shares in a program running through May 2009. The bank has a total of 2.04bn shares outstanding, including 551m common and 1.49bn preferred units. Tempo, a healthcare network administrator and claims processor that raised BRL420m in a December 2007 IPO, has meanwhile approved a 1-year program to purchase up to 7.5m shares, or 10% of its float. Bradesco’s common and preferred shares closed Monday at BRL20.19 and BRL23.47, respectively. Tempo finished at BRL2.50.