Prudential Wants Stake in Chilean Company

Chile-based Prudential subsidiary PLA Chile is offering to acquire almost 91.3m in new shares of Paz Corp., a real estate developer, for CLP200 per share, or about CLP18.3bn, according to a filing with the Chilean securities commissioner. As part of the deal, Paz’s shareholders must approve a capital increase equal to the amount to be sold to PLA. The buyer will have an 18% stake in Paz and Paz would retain a 42% stake after the deal closes. They currently hold 59.2%. A Prudential spokeswoman did not disclose any additional information and Paz did not return calls for comment.