Inversiones La Construcción S.A. signed a preliminary share purchase agreement to acquire additional 13.82% stake in Banco Internacional S.A. and additional stake in Factoring Baninter S.A. from Baninter S.A. for CLP 32.9 billion.
November 25, 2018
Share
Inversiones La Construcción S.A. (SNSE:ILC) signed a preliminary share purchase agreement to acquire additional 13.82% stake in Banco Internacional S.A. (SNSE:BINT) and additional stake in Factoring Baninter S.A. from Baninter S.A. for CLP 32.9 billion on November 26, 2018. Inversiones La Construcción S.A. will acquire additional 405.5 million shares of Banco Internacional, at a price of CLP 77.27 per share and 0.45 million shares of Factoring Baninter S.A. at a price of CLP 3,426.99 per share. Both prices will be adjusted according to the change in the value of the Unidad de Fomento between today and the payment date. The previously mentioned price for each share of Banco Internacional will decrease if a verified dividend is distributed by this company, by a sum equivalent to the dividend for each share expressed in Unidades de Fomento according to its value on the distribution date. The acquisition will take place through a takeover bid. The takeover bid will be launched by ILC no later than the fifth business day after the date that the Superintendency of Banks and Financial Institutions issues its decision authorizing the share transfer. The shares of Factoring Baninter S.A. will be acquired by ILC on the earlier of (i) the day that the result of the takeover bid for shares of Banco Internacional is published, or the next business day if the publication date is on a Saturday, Sunday or any other non-working day; or (ii) June 30, 2019. Following the acquisition, Inversiones La Construcción S.A. will own 67% of Banco Internacional and Factoring Baninter. The transaction is subject to receiving the corresponding regulatory authorizations. Inversiones La Construcción S.A. received authorization to acquire the stake in Banco Internacional from Superintendency of Banks and Financial Institution on February 13, 2019. On March 6, 2019, Inversiones La Construcción S.A launched a public offer to acquire at least 67% of Banco Internacional S.A. The offer should extend for 30 calendar days, beginning at the opening of the stock market on March 7, 2019 and expiring at the close of the stock market on April 5, 2019. As of April 5, 2019, Inversiones La Construcción successfully completed the tender offer for 67.22% share and acquired 411 million shares of Banco Internacional. Cristóbal Villarino Herrera, Juan Andrés Ilharreborde Castro and Camila Urzúa Schwalm of Prieto & Asociados acted as legal advisor to Inversiones La Construcción S.A.. Juan León and Andrés del Sante of Claro Y Cia acted as legal advisor to Baninter S.A.
Inversiones la Construccion SA (ILC) is a Chile-based company primarily engaged in the life insurance sector. The Company's activities are divided into six segments: Fund management (AFP), which administrates pension funds through AFP Habitat; Private health insurance (Isapre), which administrates health insurance contributions through Isapre Consalud; Insurance, which offers individual and collective life insurance policies through Confuturo and Corpseguros, among others; Healthcare, which manages a network of private hospitals and clinics through Red Salud; Bank, which provides financial services for retail and commercial consumers through Banco Internacional, and Other, which includes operation of private schools, as well as provision of information technology (IT) outsourcing services, among others. The Company is a subsidiary of Camara Chilena de la Construccion Asociacion Gremial.
Inversiones La Construcción S.A. signed a preliminary share purchase agreement to acquire additional 13.82% stake in Banco Internacional S.A. and additional stake in Factoring Baninter S.A. from Baninter S.A. for CLP 32.9 billion.
INVERSIONES LA CONSTRUCCIÓN S.A. 