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Brazilian Watchdog to Probe Deal at Embattled Investment Bank

Brazil's securities industry watchdog is investigating the process that led to the exit of Andre Esteves from the holding company that controls Grupo BTG Pactual SA, and whether it configured a change of control at the embattled Brazilian investment bank. The Rio de Janeiro watchdog, known as CVM, will focus on determining whether the transaction by which Esteves traded his voting stock for nonvoting stock in the BTG Pactual Holding vehicle automatically triggered a tender to buy out...

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