BTG Sets Panamericano Tag-along

BTG Pactual plans to hold a tag-along offer for outstanding shares of Banco Panamericano September 16, to complete the takeover of the troubled lender. The bank bought Silvio Santos’ stake in troubled mid-tier Brazilian lender Panamericano in January for BRL450m, and BTG Pactual is now offering minority investors BRL4.89 per share for the 63m shares outstanding, meaning a BRL309m spend if 100% accept. This is the same price it paid Santos, and represents a 56.05% stake in the bank, or essentially the portion that is not owned by BTG or Caixapar, the investment arm of state-owned bank Caixa Economica Federal. Panamericano shares closed Wednesday at BRL5.68. BTG bought Silvio Santos’ 37.94% stake in Panamericano in January after the lender was bailed out after accounting discrepancies were found on its books.