BRAZIL COURT BLOCKS MAPFRE ACQUISITION OF NOSSA CAIXA

A Brazil court has blocked the purchase of locally based Nossa Caixa by Spain-based insurer Mapfre, according to a report in La Gaceta de Negocios , without citing sources. Mapfre looked to have closed the deal to buy Nossa Caixa, the insurance operations of the state-owned bank, after it far outbid the only rival offer, from BNP Paribas subsidiary NCVC Participacoes. However, the Sao Paulo banking union brought legal action to block the takeover, claiming certain irregularities in the bid. Mapfre’s bid of 225.8m reais was 46.6% above the minimum price set by Nossa Caixa.