Brazil Judge Suspends BRB’s Planned Takeover of Banco Master (1)

Banco Master SA’s proposed sale to BRB SA was blocked for now by a Brazil judge, who ruled that the banks failed to comply with legal requirements for an acquisition.

Judge Carlos Fernando Fecchio dos Santos agreed with prosecutors that, among other things, the deal was never discussed at a shareholders’ meeting as local rules require. His ruling still left room for the transaction to proceed by allowing preliminary procedures to continue, according to the court order.

BRB confirmed it received the decision suspending a definitive agreement. “The bank reiterates the transaction remains subject to the fulfillment of regulatory ...