MetLife tenders for rest of Provida shares

|By:, SA News Editor

MetLife (MET) commences its tender offer for all the stock of Chilean pension fund administrator Provida (PVD).

The acquisition was announced last February and is part of the insurer's plan to look to emerging markets for growth. Spain's BBVA has sold its 64% stake in the company to Met and the tender offer is for the remaining shares still outstanding.