June 11, 2019 / 2:25 PM / a year ago

Brazil's Klein eyes Via Varejo bid with Apollo, Starboard - newspaper

SAO PAULO, June 11 (Reuters) - Brazilian businessman Michael Klein, whose family holds a 25.2% stake in Via Varejo SA , met with Starboard Partners and Apollo Global Management to discuss a potential joint bid for the country’s biggest appliances retailer, newspaper Valor Econômico reported on Tuesday.

The newspaper, which did not name any sources, said the meeting between Klein and representatives of both funds took place last Friday to discuss the matter.

Via Varejo declined to comment.

Michael Klein, Apollo and Starboard did not immediately respond to requests for comment.

Talks between Klein and the funds are still in a preliminary stage, Valor said citing unnamed sources.

Last week, Klein told Via Varejo he was in talks to hire XP Investimentos SA as a financial adviser as he considered raising his stake.

Klein’s tentative plan, Valor said, would be to join forces with local and international investment vehicles to acquire a 36% stake worth 2.37 billion reais ($613 million) on the stock exchange.

Klein confirmed to Valor he had hired XP as financial adviser to evaluate the acquisition of an additional stake in Via Varejo, without naming potential partners he was contacting. ($1 = 3.8664 reais) (Reporting by Ana Mano Editing by Susan Thomas)

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