Ambev Stock- Brazilian brewer Ambev board approves equity swap of up to $232 mln -filing
SAO PAULO, Dec 9 (Reuters) – Brazilian brewer Ambev said on Wednesday its board has approved the execution of equity swaps with banks of up to 1.2 billion reais ($232 million) having as underlying assets shares issued by the company or ADRs.
Ambev said in a filing that settlement of the equity swap will take place within a maximum period of 18 months. The purpose of the transaction is to neutralize the possible effects of stock price oscillation in view of the future delivery of shares or ADRs by the company. ($1 = 5.1708 reais) (Reporting by Aluisio Alves Editing by Chris Reese)