By Noemie Bisserbe
PARIS--Carrefour SA said Thursday it had agreed to sell a 10%
stake in its Brazilian unit for 525 million euros ($654 million) to
Peninsula, an investment firm controlled by Abilio Diniz.
"This transaction is a significant first step in the plan,
previously announced by Carrefour group Chairman and Chief
Executive Officer, Georges Plassat, to bring outside investors into
the capital of its Brazilian subsidiary in order to strengthen its
local ties and support its growth," the French retailer said in a
statement.
Mr. Diniz, who is the chairman of Brazil's giant food company
BRF SA (BRFS) previously headed that country's largest retail
group, Grupo Pao de Acucar, or GPA, which is controlled by the
French retail group Casino.
Mr. Diniz resigned as GPA's chairman in 2013 following conflicts
with Casino after he attempted to back out of a 2005 deal to hand
over control of GPA, which was founded by his family.
Casino took control of GPA, as agreed, after Mr. Diniz attempted
to merge it with the Brazilian unit of Casino's rival in France,
Carrefour SA.
Write to Noemie Bisserbe at noemie.bisserbe@wsj.com
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