Brazil’s Forjas Taurus Gains on Renill Proposal to Acquire Plant
Forjas Taurus SA (FJTA4), a Brazilian manufacturer of firearms, rose after receiving a proposal from Renill Participacoes Ltda. to buy a plant.
Shares rallied 2.6 percent to 1.95 reais at 11:19 a.m. in Sao Paulo. The benchmark Bovespa index rose 0.5 percent.
Taurus said in a regulatory filing today that it received from the machinery company a proposal to buy a facility in Gravatai, Rio Grande do Sul, owned by a subsidiary, Taurus Maquinas-Ferramenta Ltda.
The sale of the subsidiary was planned in May 2011 as part of the reorganization of Forjas Taurus, which is scheduled to be completed by September.
Forjas Taurus has gained 33 percent this year while the Bovespa has slid 5.3 percent.
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