CorpBanca will disclose data on Itaú merger deal - executives
By Guillermo Parra-Bernal
SAO PAULO, March 6 (Reuters) - Executives at Chile's CorpBanca SA pledged to disclose more data related to the lender's merger with Brazil's Itaú Unibanco Holding SA after an activist U.S. investor claimed the deal hampered the rights of minority shareholders.
The lender will unveil details about the deal, which makes Itaú the top CorpBanca shareholder, prior to a ballot on the merger, Claudia Labbé, CorpBanca's head of investor relations, said during a conference call on Wednesday.
The deal requires the approval of two-thirds of CorpBanca's shareholders.
U.S. investor Cartica Management LLC said in a letter to the CorpBanca board this week that the deal undervalued the company's shares, and gave special benefits to Chilean billionaire Alvaro Saieh and his investment holding company, Corp Group. Saieh is the controlling shareholder of CorpBanca.
Cartica, which owns 3.2 percent of CorpBanca, published the letter to the board on Tuesday, confirming an earlier Reuters report.
CorpBanca Chief Executive Officer Fernando Massú told investors during the Wednesday conference call that board members are appraising Cartica's letter.
However, Chief Financial Officer Eugenio Gigogne said that, based on assessments by the bank's legal team, the arguments questioning the merger are "incorrect from a legal point of view."
Gignone added that a merger had been considered as CorpBanca entered into talks with potential partners because "CorpBanca was never up for sale." Continuación...