Hering shares jump on Arezzo snub

Hering shares jump on Arezzo snub

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Brazilian retailer Hering saw its stock jump by almost one-third on Thursday after it declined an unsolicited merger offer from local footwear company Arezzo&Co, sparking a rally in the shares of both companies on expectations of further bids. Shares in Hering leaped 28.1% to BRL21.91 on Thursday after the company said the day that it had turned down the offer. Arezzo’s shares,meanwhile, rose 8.35% to close at BRL80.95. "In the past months, Arezzo&Co has conveyed to the market a more agg

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