Santander raises stake in Brazil unit to 88.3 pct

viernes 31 de octubre de 2014 04:05 GYT

MADRID Oct 31 (Reuters) - Spain's Santander said on Friday its offer to buy out minority shareholders in its Brazilian unit Santander Brasil had been accepted by investors representing 13.65 percent of the subsidiary's capital, bringing the parent group's ownership to 88.3 percent.

Santander launched an offer for the 25 percent of the Brazilian unit it did not already own earlier this year, strengthening its grip on a business it has been trying to turn around as the local economy faltered. (Reporting by Sarah White; Editing by Sonya Dowsett)