Brazil’s anti monopoly watchdog Cade headquarters constructing is pictured in Brasilia, Brazil, August 7, 2017. Picture taken August 7, 2017. REUTERS/Adriano Machado
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SAO PAULO, May 9 (Reuters) – The technical physique of Brazilian antitrust watchdog Cade has advisable the approval of the acquisition of pharmacy chain Extrafarma by rival Pague Menos, the corporate mentioned on Monday.
Cade’s technical physique has advisable that Extrafarma sells round 3% of its shops to eradicate competitors issues, the corporate added. The settlement must be voted by Cade councillors by September, the securities submitting mentioned.
Pague Menos’ Chief Financial Officer Luiz Novais mentioned in an interview with Reuters the completion of Extrafarma’s acquisition, with greater than 350 shops after the divestiture ordered by Cade, will speed up the chain’s progress.
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“The acquisition would be equivalent to three years of organic growth”, Novais added, noting that Pague Menos will open round 120 shops this 12 months.
Pague Menos pays half of the 700 million reais ($138 million) deal to Extrafarma proprietor, Ultrapar Participacoes SA (UGPA3.SA) after Cade’s approval. The the rest might be paid in two years. Novais mentioned Pague Menos pays for the acquisition with its money circulate.
($1 = 5.0776 reais)
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Reporting by Tatiana Bautzer, Editing by Louise Heavens
Our Standards: The Thomson Reuters Trust Principles.
Brazil watchdog proposes approval of Pague Menos buy of Extrafarma & More Latest News Update
Brazil watchdog proposes approval of Pague Menos buy of Extrafarma & More Live News
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Brazil watchdog proposes approval of Pague Menos buy of Extrafarma & More News Today
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