Azzas 2154 jumps after report on Farm Rio sale process

By Reuters News

** Shares in Brazilian apparel group Azzas 2154 AZZA3.SA jump after local newspaper Valor Economico reported that the company received 15 non-binding proposals for its Farm Rio brand

** The bidders valued Farm at between 3.5 billion reais ($670.5 million) and 4 billion reais, below Azzas' target of 4.5-5.5 billion reais, Valor said on Wednesday, citing sources

** "Although no binding offers have been disclosed or accepted, we view the news as positive, underscoring that the sale process is moving along," JPMorgan analysts write

** The stock soars 7.5% to 18.68 reais in mid-afternoon trading, leading gains on Brazil's benchmark Bovespa stock index .BVSP, which is up around 0.2%


($1 = 5.2197 reais)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.