US Activist Urges CorpBanca To Ditch $3.7B Bank Buy

Law360, New York (March 4, 2014, 1:25 PM EST) -- U.S-based activist investor Cartica Capital is urging Chilean bank CorpBanca SA to unravel a merger with Latin American bank Itau Unibanco Holding SA reportedly worth $3.7 billion, contending the deal shortchanges minority investors and favors CorpBanca’s controlling shareholder, according to a letter released Tuesday.

The hedge fund, which owns 3.22 percent of CorpBanca, railed the transaction in a letter sent to the bank’s board of directors, alleging that the deal destroys shareholder value while catering to its controlling shareholder, Alvaro Saieh, who owns 55 percent of...
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