BTG Pactual is set to issue a different class of shares for its commodities trading unit spinoff Engelhart. Subject to regulatory and shareholder approval, investors in the fast-growing independent commodity sales and trading arm will be able to convert their shares into units of Grupo BTG Pactual, the most-traded class of stock offered by the bank. Shareholders are set to receive $1bn of Engelhart stock as BTG Pactual reduces its stake in the unit to 92% from 35%.
BTG Pactual is set to issue a different class of shares for its commodities trading unit spinoff Engelhart. Subject to regulatory and shareholder approval, investors in the fast-growing independent commodity sales and trading arm will be able to convert their shares into units of Grupo BTG Pactual, the most-traded class of stock offered by the bank. Shareholders are set to receive $1bn of Engelhart stock as BTG Pactual reduces its stake in the unit to 35% from 92%.