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What Will Become of the UBS-Pactual Pact?

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Source: Agência Estado/A Tarde

Bloomberg seems to be picking up stories on a regular basis now from the AE. Do they have a content pipeline, as, for example, the New York Times has set up a content pipeline with the Gazeta Mercantil?

As ações do UBS registravam alta hoje com a notícia de que um investidor está pressionando por mudanças no banco suíço, que poderiam resultar numa divisão da empresa. Entre as mudanças, o investidor pede a venda do Banco Pactual, no Brasil. Na Bolsa de Zurique, as ações do UBS subiam 3,89%, para 33,66 francos suíços, às 8h32 (de Brasília).

UBS shares were up today on news that an investor is pressing for changes at the Swiss bank, which might result in a breakup of the company. Among the changes, the investor is calling for the sale of Banco Pactual in Brazil. Shares on the Zurich exchange rose 3.89% to 33.66 Swiss francs, as of 8:32 Brasília time.

GMT minus 3.

Dinheiro Vivo (Luis Nassif) had reported last week (unsourced) that UBS might go to court here to dissolve the relationship with Pactual. The investment banking arm leads the Brazilian league charts in deal origination. About which more in a bit. See also

O investidor Luqman Arnold, da firma de investimentos londrina Olivant Advisors, pediu que o UBS separe e estude a venda do seu banco de investimentos, que já registrou US$ 37 bilhões em baixas contábeis em títulos hipotecários de risco. A firma de Arnold provavelmente elevará sua participação no UBS enquanto pressiona por mudanças no banco, que substituiu sua administração e levantou US$ 27,7 bilhões em aumento de capital, com dois investidores estratégicos, na onda da crise de crédito subprime (de alto risco de inadimplência) dos EUA.

Lugman Arnold of the London investment firm Olivant Advisors asked that UBS be broken up and study the sale of its investment bank, which has already racked up US$37 billion in losses in high-risk mortage securities. Arnold’s firm will probably raise its stake in UBS as it presses for changes at the bank, which has replaced its management and raised US$27.7 billion in additional capital from two strategic investors amid the wave of the crisis [sic] of subprime credit in the U.S.

“A Olivant examina uma série de cenários sob os quais continuará comprando ações do UBS para aumentar seu porcentual de controle, visto que acreditamos (…) que uma substancial recomposição do valor para o acionista será realizável”, escreveu Arnold em uma carta para Sergio Marchionne, executivo-chefe da Fiat e membro do conselho do UBS. Marchionne assumirá o posto de vice-presidente do conselho no final deste mês e é considerado um conselheiro muito influente e independente.

“Olivant is looking at a number of scenarios in which it will continue buying UBS shares to increase its percentage of control, given that we believe … that a substantial restructuring of shareholder value is possible,” Arnold wrote to Marchionne, former Fiat CEO and UBS board member. Marchionne assumed the post of vice-chair in late March and is considered a highly influential and independent-minded board member.

Uma porta-voz do banco confirmou que o banco recebeu a carta da Olivant e disse que o UBS responderá na forma apropriada em seu devido tempo. A Olivant também quer que o UBS estude a venda de unidades, como seu braço de administração de ativos, que cuida principalmente de clientes institucionais, e o Banco Pactual. Antes de enviar a carta, a Olivant tinha acumulado uma participação de mais de 0,7% no UBS, avaliada em cerca de US$ 470 milhões. As informações são da agência Dow Jones.

A bank spokesperson confirmed receipt of the letter from Olivant and said UBS will respond appropriately in due time. Olivant also wants UBS to study the sale of such business units as its asset management business, which mainly serves institutional clients, and Banco Pactual. … The report is from the Dow Jones.

So the Agência Estado sends the Dow Jones report along to A Tarde, which reflects the local angle on the story — a sale of Pactual would cause quite a few ripples in the investment banking sector — in its headline, but does not call up Pactual here in Brazil for comment.

And now I have retranslated it back into English. I feel foolish.

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