Carrefour nominates Diniz to its board; investor plans to raise stake in retailer
Carrefour [EPA: CA], the French retailer, has nominated Abilio Diniz to its board, Folha de S. Paulo reported Saturday, citing a statement by Peninsula Participacoes, the investment vehicle of the Diniz family.
Diniz also advised French regulators that he plans to raise his stake, by an amount that wasn’t disclosed, in Carrefour, according to Folha.
Diniz reached a stake of 5.1% in the retailer in April 2015, the Portuguese-language noted. Diniz, the former chairman of Cia. Brasileira de Distribuicao (Bovespa: PCAR4), one of Brazil’s largest retailers and known as Pao de Acucar, has put about BRL 7bn (USD 1.9bn at current exchange rates) into Carrefour, according to Folha. The newspaper did not break out how much of the total sum is invested in the parent company and its Brazilian subsidiary.
Diniz was nominated to board by Georges Plassat, chairman and CEO of Carrefour, and approved by board members, O Globo reported Saturday, citing Peninsula for the information. The nomination will be submitted to a shareholders’ meeting for approval on 17 May, O Globo reported. The Portuguese-language daily also said that Diniz holds 5.1% of the parent company.
Diniz also has a stake of 12% in the Brazilian unit of Carrefour, Folha reported.
The French company said in its earning statement for 2015 that the sale of an additional stake in Carrefour Brazil to Peninsula Participacoes was a factor in reducing the company’s indebtedness last year. Carrefour also confirmed in the statement that Peninsula’s stake in Carrefour Brazil now stands at 12%
Link to article in Folha
Folha de Sao Paulo, O Globo, Company website