Itaú sweetens proposal to win support for CorpBanca merger plan

jueves 7 de mayo de 2015 19:52 GYT

SAO PAULO May 7 (Reuters) - Itaú Unibanco Holding SA sweetened a dividend payout proposal for minority shareholders of Chile's CorpBanca SA in a bid to speed up completion of a tie-up between both lenders before the end of June.

Under terms of the proposal, which was unveiled late on Thursday, Itaú proposed that CorpBanca pay an additional $300 million dividend on top of that approved in March, São Paulo-based Itaú said in a securities filing. Itaú also proposed a cut in payouts by its Chilean subsidiary, which is slated to merge with CorpBanca, to $43.5 million.

Both proposals aim to speed up the completion of the merger, which depends on CorpBanca hosting a general shareholder meeting before June 30, the filing said. (Reporting by Guillermo Parra-Bernal; Editing by Ken Wills)