Ambev Shares Rise 5.3% After Rival Brewer Declares Bankruptcy
By Jeffrey T. Lewis
SÃO PAULO--Ambev SA's shares rose 5.3% after rival Brazilian beer brewer Cervejaria Petropolis SA was granted protection from its creditors.
Ambev shares reached 14.67 reais, the equivalent of $2.84, and are down 4.1% from the end of last year through Monday's close. Brazil's benchmark Ibovespa stocks index was up 1.5% in late-afternoon trading.
Petropolis asked a judge in Rio de Janeiro for protection from creditors, and the court granted the petition, according to local news reports.
The failure of Brazil's third-largest brewer should be at least marginally positive for Ambev, the country's number one beer maker, said XP Investimentos analysts Leonardo Alencar and Pedro Fonseca in a research note.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
March 28, 2023 15:32 ET (19:32 GMT)
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