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Shares of Grupo Soma (SOMA3) closed 8.90% higher on rumor that Arezzo (ARZZ3) wants to buy the company.

Shares of Grupo Soma (SOMA3) closed 8.90% higher on rumor that Arezzo (ARZZ3) wants to buy the company.

São Paulo – the work of Grupo Soma (SOMA3(came to shoot 12.66% and arezo)ARZZ3) gained up to 7.53% with news of potential progress in business consolidation. SOMA3 shares declined, but closed 8.90% higher at R$14.80, while ARZZ3 assets rose 5.33% to R$80.06.

According to the Valor pipeline column, Arzzo has approached Soma Group to take over the company, and the matter should be discussed at the target company’s board, three sources for the report said.

As with the other operations of the Arezzo Group, the final transaction will take place in large part by exchanging shares with a small portion of cash. The move is seen as a bold move, considering that Soma Group is bigger on the stock exchange than the bidder, with a value of R$11.25 billion, while Arrizo is worth R$4.7 billion.

The sources told the column that the talks are preliminary and may not move forward.

It should be noted that Arezzo tried to buy Cia. Hering, but the offer was rejected and the business was merged with the Soma Group.

See the chart of Soma and Arezzo Group shares during the session and after the news:

Performance of Soma Group Shares:

Arezzo’s stock performance:

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