SÃO PAULO — CVS Caremark is reportedly looking to further expand its presence in Brazil by acquiring Drogarias Pacheco São Paulo, also known as DPSP, according to news reports.
Following the alleged rejection of its first offer of 4.5 billion Brazilian reais ($2 billion), CVS is reportedly looking to possibly make another offer, the Wall Street Journal reported, citing the local newspaper Valor Economico. DPSP has reportedly set a minimum price for the company at BRL5.9 billion.
CVS spokesperson Mike DeAngelis told Drug Store News that the company does “not comment on market rumors.”
In 2013, the retailer acquired privately held Brazilian drug store chain Onofre, the eighth-largest drug chain in Brazil, marking its foray into the international drug store space.
During CVS’ Annual Shareholder Meeting earlier this month, CVS Caremark president and CEO Larry Merlo said of the Onofre acquisition that the company has several pilots underway that are “going well,” and he sees opportunity for further growth within Brazil’s highly fragmented market.