May 22, 2014 / 7:17 PM / in 4 years

CVS makes $2 bln offer for Brazilian drugstore firm -report

SAO PAULO, May 22 (Reuters) - CVS Caremark Corp made a formal bid to purchase Brazilian drugstore firm DPSP for about 4.5 billion reais ($2 billion), though the offer was rejected, a Brazilian news website reported on Thursday.

DPSP, which includes the Drogaria Sao Paulo and Pacheco chains, is Brazil’s third-largest drugstore operator by number of stores, the website of Brazilian news magazine Exame said.

CVS is being advised by local investment firm Patria Investimentos, while DPSP hired Morgan Stanley to help advise in the negotiations, the report added.

Press representatives for DPSP said the company would not confirm the report, while representatives for Patria Investimentos declined to comment.

Press representatives for CVS in the United States and Morgan Stanley in Brazil did not immediately respond to requests for comment.

$1 = 2.217 Brazilian reais Reporting by Asher Levine and Alberto Alerigi Jr.

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