Bradesco Wins Berj Bid

Banco Bradesco won the bidding for Banco do Estado do Rio de Janeiro (Berj) with an offer of BRL1.025bn, according to an announcement on the BMFBovespa website. Bradesco beat out a BRL729m bid by Votorantim, a BRL650m bid from Santander, and a BRL 590m bid from Itau to take the Rio de Janeiro lender. Bradesco declined to disclose financial information about the target.