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.
Shares in BTG Pactual SA were up almost 3% as the Brazilian bank on Tuesday posted a third-quarter net income that beat analysts' estimates, helped by corporate lending, trading gains and capital market fees. Recurring net income came in at 1.794 billion reais ($325.57 million), up 76.6% from a year earlier and versus an analyst estimate compiled by Refinitiv of 1.574 billion reais. Total revenue jumped 55% to 3.845 billion reais, boosted by a good performance in almost all businesses, from investment banking to trading and wealth management.
NEW YORK, October 28, 2021--Conservation International to Serve as Impact Adviser for TIG’s New $1 Billion Reforestation Strategy in Latin America