Brazilian retail group Lojas Americanas has no plans or discussions to buy out the shares it does not already own in its internet subsidiary B2W, or to delist the company from the Sao Paulo stock exchange, Bovespa, Lojas Americans said in a statement to clarify a press report by business daily Valor Economico.
The paper said Monday (Jan 10) that Americanas would incorporate B2W shares, rather than launch a public offer for its stakes. The operation was estimated at 1.7bn reais (US$1bn).
According to Valor, Americanas wanted to take advantage of B2W's low share price, as well as of synergies that would allow for cost-cutting. B2W stock has accumulated losses of 62% since its debut in August 2007. Americanas shares fell 9% in the same period.