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Tue 28 Mar 2017 03:48 PM

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Qatar to sell up to $900m shares in Santander's Brazil unit

Shares will be sold in an international sale being underwritten by banks, according to prospectus

Qatar to sell up to $900m shares in Santander's Brazil unit
Santander Bank

Qatar Holding is selling as much as $900 million in shares of Banco Santander’s Brazilian unit, according to a prospectus filed on Wednesday.

The Qataris are offering 80 million units that are composed of one common share and one preferred share in Banco Santander (Brasil SA) and will be sold in an international sale being underwritten by banks including Credit Suisse Group AG and Bank of America’s Merrill Lynch unit, according to the prospectus.

Units are being offered in the form of American depositary shares, which closed at $9.77 yesterday on the New York Stock Exchange.

Qatar also agreed an overallotment option of 12 million shares.

Qatar, the world’s biggest exporter of liquefied natural gas, is a major investor on both sides of the Atlantic. It owns London landmarks such as the Harrods department store, The Savoy hotel and the Shard skyscraper. It also owns stakes in Credit Suisse and Deutsche Bank.

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