SAO PAULO, Oct 19 (Reuters) - The parent company of Dutch
fast fashion retailer C&A on Monday denied a report that it was
seeking to sell its controlling stake in the brand's Brazilian
unit, according to a securities filing.
Brazilian newspaper Valor Economico reported on Monday that
the Brenninkmeijer family, which controls C&A via COFRA Holding,
is considering selling its stake in the retailer's Brazilian
"COFRA confirms that no process is currently underway with
regards to C&A Modas S.A. and COFRA remains supportive of the
business and its performance," C&A Modas said in a securities
Shares in the subsidiary C&A Modas were up more
than 10% in morning trading, before paring gains to close up
more than 7% at 13.37 reais each, following the report.
A possible sale of the Brazilian unit comes as part of C&A's
efforts to concentrate its operations in Europe, the report
C&A listed its Brazilian unit on the country's stock
exchange last year but still holds a roughly 65% stake.
(Reporting by Carolina Mandl; Editing by Edmund Blair and Chizu