CVS Caremark Corp made a formal bid to purchase Brazilian drugstore firm DPSP for about 4.5 billion reais ($2 billion), though the offer was rejected, a Brazilian news website reported on Thursday. DPSP, which includes the Drogaria Sao Paulo and Pacheco chains, is Brazil's third-largest drugstore operator by number of stores, the website of Brazilian news magazine Exame said.CVS is being advised by local investment firm Patria Investimentos, while DPSP hired Morgan Stanley to help advise in the negotiations, the report added.Press representatives for DPSP said the company would not confirm the report, while representatives for Patria Investimentos declined to comment.Press representatives for CVS in the United States and Morgan Stanley in Brazil did not immediately respond to requests for comment.
CVS Caremark Corporation (CVS Caremark), together with its subsidiaries, is a pharmacy health care provider in the United States. Shares of CVS traded higher by 0.72% or $0.55/share to $77.25. In the past year, the shares have traded as low as $55.66 and as high as $77.13. On average, 5359240 shares of CVS exchange hands on a given day and today's volume is recorded at 2471865.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 1.37% or $0.41/share to $30.42. In the past year, the shares have traded as low as $23.83 and as high as $33.52. On average, 12533800 shares of MS exchange hands on a given day and today's volume is recorded at 5568429.
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