SANTIAGO Feb 1 Shares of Chilean pension
company AFP Provida were down 6.34 percent on Friday
morning after MetLife Inc, the biggest U.S. life
insurer, said it has agreed with BBVA to buy it for
about $2 billion.
"The market expected a higher purchase price. It had been
internalized since the takeover bid for Cuprum was announced ...
that Provida would be valued at similar multiples. And now
(shares) are falling and nearing closer to the price MetLife is
ultimately going to pay," said Rodrigo Andaur, head of research
at FIT Research in Santiago.
Principal Financial Group agreed in October to buy Chilean
pension company AFP Cuprum for about $1.51 billion to expand in
Chile's private pension fund system has attracted investor
attention due to high returns and robust local economic growth.