CCB agrees to buy controlling stake of Brazil bank

China Construction Bank (CCB; 601939.SHA, 939.HKG) has agreed to buy a 72% stake in Brazil’s troubled Banco Industrial e Comercial (BicBanco; BICB4.SA) for about US$716 million, The Wall Street Journal reported. The companies said Thursday that CCB will pay US$3.99 for each BicBanco share, a premium of close to 19% to BicBanco’s closing price of US$3.36 Thursday. The deal comes as China, which for the past few years has replaced the US as Brazil’s main trade partner, deepens its business activity in the country, where Chinese banks are largely absent.