Lojas Americanas Studies Globex Purchase

Brazilian retailer Lojas Americanas says it is studying a potential acquisition of the Ponto Frio appliances chain from its parent Globex Utilidades. In a filing with the CVM, Lojas Americanas says the asset evaluation is preliminary and in no way guarantees a forthcoming deal. Globex said over the weekend it had hired a financial advisor to help it navigate overtures from interested parties seeking to acquire a controlling stake in the company. Bankers away from the process say Globex is using Goldman Sachs. Goldman officials were not immediately available to comment. Also rumored to be studying the asset is Companhia Brasileira de Distrbuicao, which owns Pao de Acucar. The company issued a statement yesterday saying it has not signed any binding proposal for an acquisition of Globex. Globex’s market cap stood at BRL829m using Wednesday’s closing price of BRL6.70. The shares rose 3.88% yesterday, and have jumped 19.86% in the past week.