July 11, 2019 / 1:34 PM / 9 days ago

Brazil's reinsurer IRB confirms 2.3 bln share offering, shares fall

SAO PAULO, July 11 (Reuters) - Brazilian reinsurer IRB Brasil Resseguros SA said in a securities filing late on Wednesday that shareholders BB Seguridade Participações and the Brazilian Treasury will sell their stakes in the company in a share offering.

The secondary share offering may reach nearly 8.5 billion reais ($2.27 billion).

IRB shares opened down 6% and were off 2.7% at 98.71 reais in early morning trading.

Reuters reported in June that BB Seguros and Brazil’s government were planning a share offering to be completed this month.

The pricing of the secondary offering is expected for July 18.

The investment banking units of Banco do Brasil SA, Bank of America, Banco Bradesco SA, Caixa Econômica Federal, Citigroup Inc, Itaú Unibanco Holding SA and UBS Group AG will manage the offering. ($1 = 3.7461 reais) (Reporting by Paula Laier Writing by Carolina Mandl Editing by Susan Thomas)

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