Itau Sets Redecard Offer Date

Itau has set Sept 24 as the date for an auction to buy the 49.99% it does not own in Redecard, it says. The bank is offering BRL33.00 per share to bring the credit card processor wholly in-house, in a move that could cost it as much as BRL11.8bn ($5.84bn).Redecard shares closed Thursday at BRL33.89. Itau first announced its intentions in February, though gripes from minority shareholders threatened the process, until a second evaluation of Redecard supported an initial one. The bank aims to delist Redecard, which held an IPO in 2007.