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Itau Unibanco files for Redecard buyout
March 14, 2012 / 11:43 PM / 6 years ago

Itau Unibanco files for Redecard buyout

* Lender files to take card payment co. fully private

* Outlook for Redecard brightened with jump in profit

* Itau Unibanco already majority Redecard shareholder

RIO DE JANEIRO, March 14 (Reuters) - Itau Unibanco, Brazil’s largest private-sector lender, will pay 35 reais ($19.25) per share to take full control of card payment processor Redecard, it said in a securities filing on Wednesday, under its plans to take the company private.

The filing confirms the bank’s statement last month that it would buy, at that price, the 49.99 percent of Redecard it does not already own in a first step toward delisting the company.

About 336.39 million Redecard shares trade on the Sao Paulo Stock Exchange.

The move follows a turnaround Redecard’s fortunes with a 31 percent jump in fourth quarter profits to 456.9 million reais.

$1 = 1.8182 Brazilian reals Reporting by Juliana Schincariol; Writing by Peter Murphy; Editing by Richard Chang

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