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Brazil's BR Mall mulling partial merger with Ancar - filing

Brazilian mall operator BR Malls Participacoes SA is considering combining its mall portfolio with rival Ancar Ivanhoe Shopping Centers, according to a securities filing on Monday.

Adding combination would be partial, context

SAO PAULO, Oct 19 (Reuters) - Brazilian mall operator BR Malls Participacoes SA BRML3.SA is considering combining its mall portfolio with rival Ancar Ivanhoe Shopping Centers, according to a securities filing on Monday.

BR Malls, which operates 31 malls, said talks are still at a preliminary stage and a combination of their portfolio would be partial, without providing further details.

Ancar, controlled by real estate investor Ivanhoe Cambridge, has roughly 25 malls. Ivanhoe is a subsidiary of Canadian fund manager Caisse de Depot et Placement du Quebec.

The move comes as mall operators have been struggling amid the coronavirus pandemic, as they were forced to shut many malls to contain the spread of the virus and consumers are slowly returning to malls.

Shares in BR Malls are down 51% this year.

(Reporting by Carolina Mandl, editing by Louise Heavens)

((carolina.mandl@thomsonreuters.com; +55 11 5644 7703; +55 11 97116-3806;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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