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The Spanish bank Santander made a bid for the Brazilian government's 33% controlling stake in Banco do Estado de Sao Paulo (Banespa), offering almost four times the minimum set for the stake and beating the bids of its closest Brazilian rivals by more than three times. However, some banking analysts, such as Tomas Awad from Chase Manhattan in Sao Paulo, expressed doubts about the high price paid by Santander for the stake, stating that the price paid was for strategic value rather than economic value.
Monday, 20 November, 2000