June 2, 2016 / 9:57 PM / 2 years ago

Brazil's Restoque begins talks with Inbrands over potential tie-up

SAO PAULO, June 2 (Reuters) - Brazil’s Restoque Comércio e Confecções de Roupas SA has began talks with rival Inbrands SA over a potential tie-up, which could create a leading apparel retailer with 2.8 billion reais ($781 million) in annual combined revenue and around 730 stores.

In a securities filing, Restoque said that both companies signed on Thursday a memorandum of understanding to explore a potential merger. A two-week period for due diligence was agreed upon, the filing said, adding the combined entity would issue new shares once the deal is announced.

$1 = 3.5845 Brazilian reais Reporting by Tatiana Bautzer; Editing by Chris Reese

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