Ahaa, Schurke,
DJ Peru's Banco Wiese Shares Rise On Merger
News
LIMA (Dow Jones)--Shares in Peruvian bank, Banco
Wiese Ltdo (BWP), rose sharply on Tuesday after news
reports and a company official said the bank would end
up with a larger-than-expected share in the newly formed
bank, Banco Wiese-Sudameris.
A report in business newspaper Gestion said Banco
Wiese would gain a 38% share in the new bank, while
newspaper Comercio said it would take a 37% share.
A company official, who declined to be identified, said the
number of 37% was "more or less right."
However, one trader at a brokerage in Lima said their
estimates place Banco Wiese's expected stake a little
below those numbers. [Ed:those evile short sellers]
Banco Wiese's share price had fallen sharply on worries
that shareholders would keep only a small portion of the
new bank after a merger with Banco de Lima.
Banco de Lima is controlled by Sudameris, a unit of Italy's
Banca Commerciale Italian (I.BAN).
Banco Wiese was originally set to take about 47% in the
new bank, while Sudameris would get 53%, but a closer
look at the books caused a downward revision in
estimates for Banco Wiese's stake.
Wiese's share rose 10.7% on Monday on the Lima
exchange to close at PEN0.83 ($1=PEN3.336).
On Tuesday the stock was up sharply, trading at
PEN0.93 in mid-day trade.
-Robert Kozak 511 221-7050; RKozak@ap.org
(END) DOW JONES NEWS 06-08-99
12:33 PM
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