BofA To Raise $3B+ With Sale of Itau Unibanco Stake

Law360, New York (May 19, 2010, 11:20 AM EDT) -- In an announcement that sent the value of its U.S.-traded shares plummeting Wednesday, Itau Unibanco Holding SA said Bank of America NA was selling its multibillion-dollar equity stake in the Brazilian banking giant in a bid to raise cash.

Bank of America is selling some 8.4 percent of the Sao Paulo-based bank's preferred shares, Itau Unibanco said.

The per-share value of the Brazilian bank's American Depositary Receipts on the New York Stock Exchange, which had moved above the $20.50 level in morning trading Tuesday, changed hands...
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