commit to list IRB on the stock exchange within fiveyears, according to the bidding rules.After theconversion of preferred shares, which received a green light from the antitrustauthority Cade in April, the Treasury, Bradesco, Itau and Banco do Brasil willown stakes of 15% to 20%, an investment fund created by CEF will own up to 20%and IRB employees and retirees, up to 5%, according to antitrust filings.A spokespersonfor IRB was unavailable for comment. Spokespeople for Bradesco and Itau did notreply to requests for comment on whether the banks plan to exercise theirpreference rights in the capital increase. Spokespeople for Banco do Brasil andCEF declined comment.IRB, Bradescoand Itau were represented in the Cade process by the law firm Barbosa, Mussnich& Aragao, while CEF was advised by Mattos Filho, Veiga Filho, Marrey Jr. eQuiroga Advogados.According to aNovember 2012 report, citing Swiss Re CFO George Quinn, the Swiss insurer wouldconsider acquisitions in its Industrial Insurance, Corporate Solutions, andAdmin Re units.Last monthSwiss Re acquired a 13.5% stake in Lifenet Insurance, a listed Japan-basedinsurer, from Tokyo-based Monex. Value USD 101m (capital raise).SourceProprietary Intelligence. ART considers loan or stake sale to finance buys, CEO says Will hire lawyer and auditor for two upcoming deals.Plans to consolidate railway IT sector. Alta Rail Technology (ART), a privateequity-backed software company, could sell a stake or take a loan to financethe acquisition of two foreign targets it has identified, said Carlos HenriqueCorrea, CEO.ART, a railwaysoftware company based in Curitiba, Brazil, was formerly known as ALL Rail Tec.ART was formed this month when Brazil-based logistics company America LatinaLogistica sold a 51% stake in the subsidiary to Beaver Consultoria. BeaverConsultoria is a holding company created by ALL Rail Tec executives and it was financedwith a BRL 30m (USD 15m) investment from PE firm Darby Overseas Investments,based in Washington, DC.At the sametime, ART acquired the Parana-based software company Daiken Ferroviaria andEspirito Santo-based Engesis Engenharia de Sistemas, which specializes inrailway control systems. The three companies had combined revenues of BRL 38.5min 2012. ART projects a growth of 30% and reaching BRL 50m in turnover thisyear, Correa said.ART is innegotiations for two additional acquisitions, and expects to close the firstdeal by December, while the second will take more time, he noted, withoutnaming the countries where the targets are headquartered. It will hire lawyersand an auditor for the acquisition talks, the CEO added, noting that Darby naturallywill participate in the acquisition talks.The companyconsiders the state-owned development bank BNDES as an optimal option tofinance the acquisition of the second target, however, the company will alsoconsider taking a loan from commercial banks with good interest rates, Correasaid. He noted that ART has not contacted BNDES yet.A stake saleis the other possibility for financing the second buy, although it is not apriority, Correa said. In that case, ART prefers to negotiate with a financialinvestor than with a strategic one, the CEO noted. A strategic could be ourcompetitor in one of ARTs [software] segments, he said.ART aims toconsolidate the railway information technology systems sector, Correa said. Ithas clients in Brazil and Africa and technology partnerships withinfrastructure players like GE and Bombardier, Correa said.