BTG Pactual announced on 13 October 2025 a proposal to absorb, via a share merger, the minority stake it does not already hold in Banco Pan, a move that would convert the consumer-focused lender into an indirect wholly-owned subsidiary of the BTG group. The proposal was presented to Banco Pan's minority shareholders at a premium of more than 30% to the prevailing market price of the bank's preferred shares, Reuters reported.
The exchange ratio underpinning the offer is set at 0.2128 BTG Pactual units for each Banco Pan share.
APPROVALS REQUIRED BEFORE COMPLETION
The transaction requires approval from Brazil's Central Bank, which must review any change of control or significant structural change within the national banking system, as well as a formal vote by Banco Pan's minority shareholders on the exchange terms.
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