BRAZIL: Tycoon Diniz slated for Brasil Foods board seat
Diniz, who hit in the international industry headlines in 2011 over his spat with French retailer Casino over ownership of CBD, will be put forward for election in April.
Brasil Foods confirmed its plans for Diniz to have a seat on its board yesterday (21 February).
A day earlier, reports emerged Casino had asked Diniz to resign his position as chairman of CBD should he join the board of another Brazilian company. Diniz reportedly said there was no law preventing him sitting on the board of two Brazilian companies.
Diniz kept his position as chairman of CBD, also known by its trading name of Grupo Pao de Acucar, even after his conflict with Casino over the ownership of the Brazilian retailer two years ago.
Diniz and Casino jointly ran CBD from 2005 until last year. The original deal between the two sides allowed Casino to take control of CBD in 2012 but, a year earlier, Diniz tried to merge CBD with Carrefour's Brazilian unit - without informing his French partner. The plan ultimately failed and Casino became CBD's sole controlling shareholder last June.
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