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By Jeffrey T. Lewis
SÃO PAULO–Pet Center Comércio e Participações’s share were 5.7% higher after a report that the Brazilian pet store operator known as Petz is in merger talks with rival Cobasi.
Petz shares reached 5.71 reais, the equivalent of $1.17, and are down 14% from the end of last year through Friday’s close. Brazil’s benchmark Ibovespa stocks index was up 0.4% in mid-morning trading.
Brazilian news organization Valor Economico reported Monday that the two big-box retailers have hired investment banks to negotiate a possible merger. Such an operation would combine two big players in an otherwise fragmented pet products market, Valor said.
Petz said later Monday that it regularly evaluates potential acquisitions or other opportunities and that there is no preliminary or definitive document regarding a possible merger with Cobasi.
Write to Jeffrey T. Lewis at [email protected]
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