Commodities

Brazil's Hering rebuffs merger proposal from Arezzo

Brazil apparel retailer Cia Hering said on Wednesday it received and rejected an unsolicited tie-up offer from competitor Arezzo Industria e Comercio SA.

RIO DE JANEIRO, April 14 (Reuters) - Brazil apparel retailer Cia Hering HGTX3.SA said on Wednesday it received and rejected an unsolicited tie-up offer from competitor Arezzo Industria e Comercio SA ARZZ3.SA.

The board of Hering said the proposal, the terms of which were not disclosed, "was not in the best interests of shareholders," according to a securities filing.

(Reporting by Gram Slattery; editing by Stephen Eisenhammer)

((gram.slattery@thomsonreuters.com; +55-11-95057-1453))

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