Tuesday, May 14, 2019

Via retail rises with news about acquisition

The shares of the retailer Via Varejo (owner of Casas Bahia and Ponto Frio), controlled by Pão de Açúcar Group (GPA), closed on Monday, 13, 2.6%, at R $4.73, pulled by news that the entrepreneur Michel Klein could join the fund XP Investimentos for Buy the 36.27% share of the GPA, according to the newspaper Valor Economico. The roles of Via Varejo had the highest high of the Ibovespa, which closed in decline of 2.7% due to the trade tensions between the U.S. and China. The state has established with sources along the subject that the XP manager evaluates to buy a share of Via Varejo, but there is no firm proposal yet for the business. Sources familiar with the subject stated that the entrepreneur Michel Klein could be allied to XP and other investor funds that evaluate the business, but should not make contributions of large sums. The Klein family, founder of Casas Bahia, owns 25.24% of the Via Varejo. Valued at R $6.3 billion in the market, Via Varejo came to be the largest network of electronics, but lost the post to Magazine Luiza. Controlled by the French Casino group, owner of Sugarloaf, Via Varejo has been on sale since 2017. Highly indebtedness, the Casino group is disregarding several businesses around the world – at the end of last year, the company informed the market that if it does not find a buyer, it will sell its share in the company in the stock exchange. The Klein family is appointed as the potential buyer of Via Varejo. However, according to sources, there is no expectation that the Klein inject resources into the group. Michel Klein maintains conversations with potential investors to compose strength on the retailer's board of directors. Wanted, Via Varejo, Michel Klein and XP did not comment on the subject.
O Estado de S. Paulo - 14/05/2019 News Item translated automatically
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