Canada's CPPIB reaches 10% stake in Brazil's BR Malls amid tie-up effort
SAO PAULO (Reuters) - Brazilian shopping mall operator BR Malls said on Monday that the Canada Pension Plan Investments Board (CPPIB), which is a major shareholder in rival Aliansce Sonae, has reached a 10.24% stake in the company.
Aliansce Sonae is currently pushing for a tie-up with BR Malls and had an offer rejected by the latter's board last week. The CPPIB-backed firm, however, is still expected to formally call a BR Malls shareholders' meeting for a voting on the matter as it continues to build a stake in the rival.
(Reporting by Gabriel Araujo)
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