BRAZIL: AmBev pays US$52m to end bank row
AmBev said yesterday (5 October) that "all parties to the litigation have agreed to waive their alleged claims and have agreed that all claims should be withdrawn". The dispute stems from the 1999 merger of Brahma with then local rival Antartica, a deal that formed AmBev.
In 2000, Brazilian share watchdog the CVM launched a probe into alleged insider trading by Brahma and Antartica directors at the time of the merger. The CVM accused some shareholders of using privileged information about the deal to buy Brahma options and shares in Brahma and Antartica. Credit Suisse, which held options in Brahma, claimed it had been adversely affected.
AmBev said that it had "re-established a business relationship" with Credit Suisse and had retained the bank to provide the brewer with banking services.
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AmBev has again extended the period of its offer to buy the remaining shares in Argentina-based brewer Quinsa....
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