MetLife to spend about $2 billion to acquire Chilean pension fund administrator

February 01, 2013 - 4:03 AM

NEW YORK, N.Y. - MetLife says it will pay about $2 billion to buy the largest private pension fund administrator in Chile, as the insurer and annuity provider seeks to build its presence in emerging markets.

The New York company plans to conduct a public cash tender offer for all shares of AFP Provida SA. The bank BBVA has agreed to transfer its stake of more than 64 per cent in the company to MetLife as part of the deal.

MetLife Inc. says it expects the deal to close in the third quarter, and the acquisition should begin adding to its operating earnings this year. It will pay for the deal using its existing cash balances.

News from © The Associated Press, 2013

More News ...

iN RESPONSE: Readers have their say
Following are emailed reader responses to stories or letters to the editor for the third week of April 2024. They have been edited slightly for readability. Got something you want to add? Send an email to editor Marshall Jones at mjo

Fruit packers near Kelowna fined another $78,000
A fruit packing plant in the Ellison area east of Kelowna was hit with another $78,368 in fines for discharging effluent into a failed septic field. That’s now more than $110,000 in fines since 2022 for the same issue at Sandher Fruit

Manitoba government plans to lift ban on homegrown recreational cannabis
WINNIPEG - The Manitoba government is planning to end its ban on homegrown recreational cannabis — a move that would leave Quebec as the only province with such a restriction. "We're just allowing Manitobans to have the same

Kamloops council to expand tax exemptions for new rental builds
Developers have more land to choose from if they want to cut costs on new rental buildings in Kamloops. The City is looking to expand a tax exemption program to span massive swaths of Kamloops in order to encourage development. Previously r

Popular penticton News

iN VIDEO: Kelowna lawyer swapped a RV for a sailboat and retired on the ocean
A lawyer from Kelowna considered retiring and travelling in an RV but decided to hit the high seas on a sailboat instead. Liam Clarke practiced law for 27 years and liked the idea of travell
April 25, 2024 7:00 AM
New Kamloops homeless drop-in centre, soup kitchen needed within weeks, not months
The City of Kamloops and local non-profit groups expect to replace the services of a drop-in support centre and soup kitchen before winter. That means more than 100 regular clients of The Lo
April 24, 2024 7:00 AM
Salmon Arm pharmacist pays fine for diverting drugs from hospital
A former Salmon Arm pharmacist has to pay a hefty fine for diverting drugs from the local hospital. Earlier this month, Laurent Roy, 59, pleaded guilty to 11 counts under the Pharmacy Operat
April 24, 2024 6:00 PM
'A spicy lady': Kamloops fire department celebrates oldest team member
A beloved senior in Kamloops is being celebrated for her impressive 35 years of service as an administrator at Kamloops Fire Rescue. For over three decades, Marilynn St. Jean has been at the
April 24, 2024 7:00 PM
iN PHOTOS: Perfect conditions for Pink Moon photos in Kamloops, Okanagan
The full Pink Moon was hanging big and bright in the sky over Kamloops and the Okanagan this week. The conditions were perfect without a cloud in sight when local photographers captured the
April 25, 2024 6:00 AM

Trending Now

TRENDING NOW: Just a regular guy, and his bear

View Site in: Desktop | Mobile

MetLife to spend about $2 billion to acquire Chilean pension fund administrator

Trending Now

Kamloops

Kelowna

Penticton

Vernon