MetLife launches AFP Provida tender offer in US, Chile

US insurer MetLife (NYSE: MET) launched a tender offer in the US and Chile to acquire all issued and outstanding shares of Chile's largest private pension fund manager AFP Provida (NYSE: PVD). The offer, approved by Chile pension regulator SP last month, includes American Depository Shares (ADS) and will run from August 29 to September 27, with MetLife paying US$6.15 per common share, MetLife said in a press release. MetLife expects to pay US$2.04bn in cash should all shareholders decide to sell. Last February Spanish bank BBVA (NYSE: BBVA) agreed to sell MetLife its 51.6% stake in AFP Provida. Through this and the tender offer, the insurer aims to gain at least a 64.3% controlling share of the pension fund manager.