March 30, 2017 / 3:47 PM / 6 months ago

Brazil's BM&FBovespa to be renamed after takeover of rival

SAO PAULO, March 30 (Reuters) - Brazil’s BM&FBovespa SA, which last week won regulatory approval to take over a rival, will change its name once the combination of both exchange and clearinghouse companies is approved by shareholders, executives said on Thursday.

Should shareholders approve the proposal next month, the combined entity will be named B3 SA Brasil Bolsa Balcão, outgoing BM&FBovespa Chief Executive Officer Edemir Pinto said at an event.

B3 will set a payout ratio between 70 percent and 80 percent and maintain a cash balance of 2.5 billion reais ($801 million) per year, BM&FBovespa and B3 Chief Financial Officer Daniel Sonder said at the same event.

$1 = 3.1207 reais Reporting by Aluísio Alves; Writing by Guillermo Parra-Bernal; Editing by Paul Simao

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