Esteves swapped BTG Pactual common for preferred stock in deal, source says

miércoles 2 de diciembre de 2015 09:39 GYT
 

SAO PAULO Dec 2 (Reuters) - André Esteves relinquished control of Grupo BTG Pactual SA on Wednesday by trading his common shares for preferred stock held by the other seven founding partners of the embattled Brazilian investment bank, a source briefed on the accord said, adding that no cash was involved in the deal.

In a securities filing, BTG Pactual said a group named as the top seven partners - Marcelo Kalim, Roberto Balls Sallouti, Persio Arida, Antonio Carlos Canto Porto Filho, James Marcos de Oliveira, Renato Monteiro dos Santos and Guilherme Paes - agreed to take control of the bank from Esteves through a share swap.

The seven partners will split Esteves' stake in equal parts, said the source, who requested anonymity because of the sensitivity of the issue. (Reporting by Guillermo Parra-Bernal; Additional reporting by Tatiana Bautzer; Editing by Lisa Von Ahn)