BRIEF-Cnova contemplates reorganization of brazilian activities within Via Varejo

jueves 12 de mayo de 2016 01:10 GYT

May 12 (Reuters) - Cnova Nv

* Reg-Cnova n.v. : cnova n.v. Contemplates reorganization of its brazilian activities within via varejo

* It has entered into a memorandum of understanding ("mou") with via varejo s.a.

* Deal regarding a possible reorganization of its brazilian subsidiary, cnova brazil, within via varejo.

* Cnova would receive 97 million of its own shares currently held by via varejo and cash consideration ranging from usd 32 million to usd 49 million

* Via varejo would reimburse a debt currently owed by cnova brazil to cnova equivalent to approximately usd 127 million

* Parties expect to reach a definitive agreement with respect to proposed transaction by beginning of q3

* Cnova's parent casino would make an offer to purchase outstanding ordinary shares of cnova from its public shareholders Source text for Eikon: Further company coverage: (Gdynia Newsroom)