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Brazil's Soma in talks to acquire Cia Hering for $967 million reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
RIO DE JANEIRO, BRAZIL - Brazilian apparel retailer Grupo de Moda Soma is in exclusive talks to acquire Cia Hering for R$5.3 billion (US$967 million) in a cash and share deal, according to securities filings by both companies on Monday. The acquisition will involve a cash payment to Hering shareholders of 9.630957 reais per share, plus 1.625107 share of Grupo Soma, the filing said, for a total value of 32.54 reais per share. The deal offers Hering’s shareholders a premium of 43.5% over Friday’s closing share price. Shares in Hering rose almost . . . To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed? Login Here ....
By Reuters Staff 2 Min Read SAO PAULO (Reuters) - Brazilian apparel retailer Grupo de Moda Soma is in exclusive talks to acquire Cia Hering for 5.3 billion reais ($967 million) in a cash and share deal, according to securities filings by both companies on Monday. The acquisition will involve a cash payment to Hering shareholders of 9.630957 reais per share, plus 1.625107 share of Grupo Soma, the filing said, for a total value of 32.54 reais per share. The deal offers Hering’s shareholders a premium of 43.5% over Friday’s closing share price. Shares in Hering rose almost 24%, while shares in Soma fell more than 10%. “This acquisition seems to be pricey for Soma and potential synergies are not clear yet,” said Carlos Daltozo, head of equities at research broker Eleven. ....
(Adds details on Hering, Arezzo) RIO DE JANEIRO, April 14 (Reuters) - Brazil apparel retailer Cia Hering rejected an unsolicited tie-up offer from competitor Arezzo Industria e Comercio SA, it said in a Wednesday securities filing. The board of Hering said the proposal, the terms of which were not disclosed, “was not in the best interests of shareholders,” according to the filing. Hering added that it was maintaining its previously disclosed strategic plan and that the firm “continuously analyzes inorganic opportunities.” Hering, based in the southern state of Santa Catarina, is a major, diversified clothing designer and retailer present mainly in Brazil. Arezzo, a major women’s footwear retailer, has 356 locations throughout Brazil, according to its website, and has ventured into apparel acquiring the Reserva brand last October for 715 million reais ($126.5 million). ....
EMERGING MARKETS-Rising commodity prices propel Latam FX; Hering soars on rejecting merger Reuters 1 hr ago By Susan Mathew Currencies of Chile, Colombia rise over 1% Peru s sol rises; GDP contraction not as bas as expected Brazilian retailer Hering soars 27% on rejecting Arezzo offer Petrobras raises fuel prices; shares fall By Susan Mathew April 15 (Reuters) - Higher oil and copper prices propelled the currencies of Chile and Colombia more than 1% higher on Thursday, while Brazilian retailer Cia Hering soared after rejecting an unsolicited merger offer. Chile s peso rose 1.4% to a seven-week peak as copper prices hit their highest in more than a month, while an improving demand outlook buoyed oil prices and saw exporter Colombia s peso log its best session in two weeks. Brazil s real extended gains for a third straight session. Data showed the country s February services activity posted its third-biggest surge in a d ....