SAO PAULO, June 13 Units of Banco Santander
Brasil SA are valued between 10.63 reais and 11.69
reais, a report by investment banking firm NM Rothschild & Sons
showed, below the price that the lender's parent company
proposed for a planned buyout less than two months ago.
The mid-point value of the units was estimated by a team of
Rothschild bankers at 11.16 reais, the report showed. That is
about 37 percent less than Spain's Banco Santander SA's
buyout proposal of 15.31 reais per share made on April 29. The
report was elaborated at Banco Santander's behest.
Santander launched a $6.5 billion offer for the 25 percent
of its Brazilian unit it does not already own. Under terms of
the proposed deal, minority investors in Banco Santander Brasil
SA would receive up to 665 million shares of the
Madrid-based lender in a voluntary swap.
The proposal still has to be voted by Santander Brasil
(Reporting by Guillermo Parra-Bernal; editing by Andrew Hay)