Minority shareholders question the merger between Itaú and Corpbanca

Print Friendly, PDF & Email

The International Finance Corporation (IFC) has been seeking an independent evaluation on the transaction to check possible benefits for the controlling shareholder. Meanwhile, the fund management company Cartica Capital filed a judicial process in New York claiming that CorpGroup, from Saieh, has been disproportionally benefited at the expense of other investors.
According to Cartica Capital’s claims, Saieh has negotiated separate terms with Itaú without duly informing remaining shareholders, including an exclusive package of financial benefits (financing with preferred interests, payments in cash and a repurchase option).
IFC and Cartica Capital detain approximately 5% and 3% of Corpbanca’s stock, respectively.