Banco do Estado do Rio Grande do Sul S.A. (BOVESPA:BRSR6) announced it will launch a share offering operation. The state government of Rio Grande do Sul, however, is only planning on selling up to 49% of voting shares, which could place Banco Santander Rio S.A. (BASE:BRIO) previously announced plans to acquire the bank at risk, due to the operation not resulting in control of the bank.