Brazil's Petz rises after regulatory approval of merger Cobasi

Shares of Brazilian pet product retailer Petz rose 3% following the regulatory approval of its merger with Cobasi by the antitrust body Cade. The merger, which combines the two largest pet retailers in Brazil, will result in a company with approximately 480 stores, with Petz shareholders holding 52.6% of the new entity. Analysts at JPMorgan noted that the focus will now shift to integrating operations and realizing synergies. This performance outpaced Brazil's benchmark stock index Bovespa, which gained 0.2%.