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Shareholders approve Banco Pan, Mosaico deal in Brazil

Reuters
·1 min read

RIO DE JANEIRO, Dec 1 (Reuters) - Shareholders in Brazilian lender Banco Pan SA and e-commerce technology company Mosaico Tecnologia ao Consumidor SA approved a previously announced tie-up on Wednesday, both companies said in securities filings.

Banco Pan said in October that it had reached an all-share deal with Mosaico to acquire the company in a transation that will see Mosaico's stake in the bank at between 7.8% and 9.2%.

Banco BTG Pactual SA, which is a controlling shareholder in Banco Pan, is already a shareholder in Mosaico, with a 13.3% stake. The tech company also forged a five-year partnership with BTG in January to offer cashback to the bank's clients.

Both parties said in the Wednesday securities filings that the conclusion of the deal is dependent on approval from the nation's competition watchdog, known as Cade.

(Reporting by Gram Slattery; Editing by Stephen Coates)