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MADRID, April 29 (Reuters) - Santander, the euro zone's biggest bank, on Tuesday said it had launched an offer to buy out 25 percent of its Brazilian unit it does not already own.
The acquisition, which could be worth up to 4.7 billion euros ($6.51 billion), will be paid for in newly-issued Santander shares and existing shareholders will receive a 20 percent premium on the closing price of Santander Brazil shares.
The lender also said net profit rose 8 percent in the first quarter of 2014 to 1.3 billion euros, slightly below a 1.36-billion-euro forecast in a Reuters poll. ($1 = 0.7223 euros) (Reporting by Sarah White,; Editing by Julien Toyer)