Via Varejo sparks interest from Starboard, Apollo
Via Varejo [BVMF: VVAR3], a Brazilian retailer, has attracted the interest of Starboard Capital Partners and Apollo Global Management funds, O Estado de São Paulo reported, without giving sources.
Starboard, in partnership with Apollo, will meet with Casino Guichard Perrachon [EPA:CO] within 15 days to discuss the matter, according to the news report.
The funds consider the possibility of merging Via Varejo's operations with Maquina de Vendas, a rival where Starboard owns a 72% stake, the Portuguese-language paper said.
Casino holds a 36.2% stake in Via Varejo through its Brazilian subsidiary Companhia Brasileira de Distribuicao [BVMF:PCAR4].
Via Varejo and Casino did not comment, the item added.
Amazon [NASDAQ:AMZN], Tencent [HKG:0700] and Michel Klein have been previously cited as parties interested in the target, which has a market cap of BRL 5.9bn (USD 1.5bn), as reported.