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December 24, 2013
05:53 EDTCNCO, ITUBCencosud forms SPV after MOU with Itau Unitbanco terminated
Cencosud (CNCO) announced last night that its board has approved the use of a special purpose vehicle under the auspices of Banco Paris to manage the company's Financial Services business in Chile. The company expects that the use of the SPV will "yield meaningful synergies" in the cost of funding for its financial services business in Chile. The decision to implement the new business model was reached as negotiations with Itau Unibanco (ITUB) reached a standstill, Cencosud added. In June, Cencosud and Itau signed an MOU to jointly run Cencosud's financial services business in Argentina and Chile, with a six-month exclusivity period for the completion of contract negotiations. The due diligence process was completed in August. In September 2013 the parties agreed to an extension of the original 90-day-period for the contract negotiations, with the intent to close the transaction within the following 30 days. Since final contracts were not completed during the agreed-upon period, the MOU was terminated.
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