STXNEWS LATAM-Brazil's BicBanco shareholders question CBB's takeover price reduction

lunes 17 de noviembre de 2014 16:32 GYT

Shareholders of Brazil's Banco Industrial e Comercial SA on Monday contested a plan by China Construction Bank Corp to adjust the price it proposed to pay for control of the Brazilian mid-sized lender. CCB, as the Chinese lender is known, agreed in October last year to pay 1.62 billion reais ($621 million) for a 72 percent stake in BicBanco, a São Paulo-based lender controlled by the Bezerra de Menezes family. Last month, CCB said such price would be cut by about 287.8 million reais in the form of adjustments to the original deal, without elaborating on those changes.

The Bezerra family and CCB have until Nov. 24 to discuss the adjustment, BicBanco said in a securities filing on Monday.

($1 = 2.6077 Brazilian reais) (Editing by Steve Orlofsky)