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Report: Brazilian government mulling sale of IRB through public auction

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Report: Brazilian government mulling sale of IRB through public auction

The Brazilian government's economic team is mulling the feasibilityof IRB-Brasil Resseguros SA'ssale through a public auction instead of an initial public offering, O Estado de S. Paulo reported April 5.

IRB's IPO was plannedto be held in 2015, but it was canceleddue to the lack of favorable market conditions amid Brazil's deepening economiccrisis. Now the government is looking for another strategy to raise cash flow, thereport said.

Brazil's Finance Ministry is reportedly talking to IRB's privateshareholders in an effort to convince them to agree to launch an auction on Brazil'sstock exchange BM&FBOVESPA SA– Bolsa de Valores Mercadorias e Futuros to sell the reinsurer in thesecond half of the year.

The government is IRB's major shareholder, but the company alsohas other partners, including BB Seguros Participações, Bradesco Auto Re Companhiade Seguros, Itaú Seguros S.A.,Itaú Vida e Previdência, and Fundo de Investimento em Participações Caixa Barcelona,the publication noted.