SAO PAULO, April 10 (Reuters) - Brazilian financial group BTG Pactual Holding SA has launched a tender offer to delist its investments unit PPLA Participations Ltd from the country’s stock exchange B3 SA Brasil Bolsa Balcao, according to a filing on Wednesday.
If the process is successful, the holding will keep listed only its bank Banco BTG Pactual SA, which encompasses the group’s investment banking and money management activities. PPLA Participations holds investments made with the group’s own capital, such as private equity and property.
BTG Pactual Holding is offering PPLA’s shareholders 1.19 real per Brazilian Depositary Receipt unit, which comprises three PPLA shares. Units in PPLA were trading at 2.40 reais in morning trading.