Itau, Cencosud credit-card deal to close in 30 days: source
SANTIAGO (Reuters) - Brazilian bank Itau Unibanco's (ITUB4.SA) $300 million deal to buy a stake in Chilean retailer Cencosud's credit card business will likely close in around 30 days, a source with knowledge of the deal told Reuters after the company had said talks were being extended.
In a statement to the Chilean regulator on Tuesday, Cencosud CEN.SN said that the talks on the deal, announced in June, would be extended for another 90 days.
However, the source said the deal would likely be wrapped up within 30 days.
"The due diligence has already completed, but we have not managed to draw up the contracts before the originally agreed deadline," the source said.
Itau Unibanco, Brazil's largest private-sector bank, is buying a 51 percent stake in Cencosud's credit card business in Chile and Argentina, as it seeks to strengthen its position in the two Southern Cone countries.
(Reporting by Antonio de la Jara, Writing by Rosalba O'Brien; Editing by Bob Burgdorfer)
NEW YORK - With the U.S. Federal Reserve finally announcing it will start tapering its stimulus, removing a big uncertainty in the market, can Wall Street expect a stronger finish to the year? Not really.
WASHINGTON - Start-up companies will be able to raise much more capital through certain public stock deals without facing costly regulatory burdens under a proposal announced by U.S. securities regulators on Wednesday.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.