Itau Completes Redecard Tender

Itau has completed a tender offer to acquire all outstanding shares of Redecard, it says, allowing the Brazilian bank to delist the payment processor at a cost of BRL10.46bn ($5.17bn). Itau is buying up 299.0m shares at BRL35.00 per share, receiving about 90% participation. Prior to the process Itau held slightly more than 50% of Redecard. The buyback concludes a process initiated in February, with minority investors including Lazard Asset Management unsuccessfully fighting the valuation along the way. The bank plans to pay the tender offer with its own cash. Redecard went public in a 2007 IPO.