SAO PAULO - Shares in Brazil's Petz soared on Friday after the company formalized a deal to merge with rival Cobasi, creating the country's largest pet products retailer.
Sao Paulo-traded shares of Petz climbed as much as 29.5% on the announcement, making it the top gainer by midday on benchmark stock index Under the agreement, Petz will become a subsidiary of Cobasi and its shareholders will get 52.6% of the combined company, which will be listed on the Sao Paulo stock exchange's"Novo Mercado" segment with stricter governance rules.
Annual synergies were forecast to reach between 220 million and 330 million reais in additional core earnings , Petz and Cobasi said.
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