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Carrefour and Casino fight for Brazil's Pao de Acucar

By Melissa Pitts

September 8, 2013 at 1:42pm MST


BBC: Two French food giants are locked in a battle to take over Brazil's number one retailer, Grupo Pao de Acucar.

Proposals to merge Pao de Acucar with the local operations of Carrefour are opposed by rival Casino, which already has a stake in the Brazilian group.

The proposed Pao de Acucar-Carrefour deal would create a firm with a 27% market share and sales of more than $40bn (£25bn) a year.

Pao de Acucar is already Latin America's second-biggest retailer.

As well as its Pao de Acucar and Extra supermarket chains, it also has a majority stake in the Ponto Frio and Casas Bahia chains that sell electrical goods and furniture.

Pao de Acucar's shares rose 12.6% on Brazil's main stock exchange on Tuesday after news of the deal emerged. Read the rest of this entry here.

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