June 7, 2019 / 2:20 PM / a month ago

Shares of Brazilian mall operator Aliansce jump 5.1% after Sonae Sierra merger deal

SAO PAULO, June 7 (Reuters) - Shares of Brazilian malls operator Aliansce Shopping Centers SA were 5.1% up in Sao Paulo, a day after the company sealed a merger with rival Sonae Sierra Brasil S.A.

In a securities filing on Thursday night, both companies said cost savings from stemming from the combination are estimated between 55 million reais ($14.25 million) and 70 million reais ($18.14 million) per year.

As part of the deal, Aliansce shareholders will hold a 67.9% stake of the combined group. Shares in Sonae Sierra were down 4.7% in early morning trading.

$1 = 3.8596 reais Reporting by Gabriela Mello Editing by Chizu Nomiyama

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