•  Casino becomes "sole controlling shareholder" of CBD
  •  Jean-Charles Naouri appointed chairman of Wilkes
  •  Casino has "majority vote" on CBD board

French retailer Casino has taken control of CBD, Brazil's largest retailer.

Casino chairman and CEO Jean-Charles Naouri was appointed chairman of Wilkes, the holding company through the French retailer and fellow CBD investor Abilio Diniz control the Brazilian firm.

Through the appointment, Casino said it becomes the "sole controlling shareholder" of CBD, which is also known by its trading name Grupo Pao de Acucar.

Casino also said on Friday (22 June) that three of the directors it proposed were appointed to CBD's board, giving it the "majority vote" on the board.

Casino and Brazilian tycoon Diniz have jointly managed CBD since 2005 and the change in control follows the original deal struck by the two parties.

However, the relationship between Casino and Diniz publicly soured last year after the businessman hatched a plan to merge CBD with Carrefour's unit in Brazil - without informing his fellow shareholder.

Casino pointed to the 2005 deal and, ultimately, succeeded in blocking the deal.

Show the press release

Casino Group Becomes the Sole Controlling Shareholder of GPA

PARIS--(BUSINESS WIRE)--Regulatory News:

CASINO (Paris:CO):

The extraordinary shareholders' meeting of Wilkes, which directly controls GPA, held today in Sao Paulo (Brazil), appointed Jean-Charles Naouri, Casino's Chairman & CEO as Chairman of the Wilkes' Board of Directors. Through this appointment, the Casino group becomes the sole controlling shareholder of GPA in accordance with the agreements signed in 2005 with the Diniz family.

Furthermore, Mrs. Eleazar de Carvalho Filho, Luiz Augusto de Castro Neves and Roberto Oliveira de Lima were appointed to GPA's Board of Directors during the company's ESM also held today in Sao Paulo. As a consequence, eight directors have been nominated by Casino, giving the group the majority vote at the GPA's Board of Directors.

With the active contribution of Casino since its first investment 13 years ago in the company, GPA has become the undisputed leading distribution group in Brazil and the country's largest private employer.

Jean-Charles Naouri, Casino group's Chairman & CEO declared: "I am very happy and proud that the Casino Group is taking this new role in a magnificent company such as GPA. Since we became GPA's partner in 1999, we have strongly believed in Brazil and in the company and contributed to its success alongside the Diniz family. While maintaining GPA's strong identity and Brazilian culture, I will, together with the entire Casino group, further support GPA's management team, led by Eneas Pestana, its CEO, in its objective to strengthen GPA's leadership and make it an even more beloved and admired company." 

Original source: Groupe Casino