Merger of BR Malls and Aliansce Sonae should not be completed this year, says Bradesco BBI

Merger of BR Malls and Aliansce Sonae should not be completed this year, says Bradesco BBI

The bank has a neutral recommendation for the shares of BR Malls

BR Malls board approved the retention package of up to BRL 50 million in the merger with Aliansce Sonae, which makes sense to minimize operational risks during the transition, as the deal is not expected to close before the end of 2022 , due to the regular antitrust process, says Bradesco BBI, in a report.

“Any possible discussion about the amount to be paid should not be an impediment to the approval of the merger, but it is fair that BR Malls shareholders demand additional disclosure about the use of these resources, as the amount is relevant”, write analysts Bruno Mendonça and Pedro Lobato.

They point out that the package is aimed at workers and company managers, with a maximum of R$ 15 million for statutory directors, according to BR Malls.

Bradesco BBI has a neutral recommendation for the shares of BR Malls, with a target price of R$11, a potential increase of 35% compared to the value currently traded on B3. The bank has a buy recommendation for Aliansce Sonae’s shares, with a target price of R$36, up by 98%.

Source: Valor Investe

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