Brazilian retailer Companhia Brasileira de Distribuicao (CBD) has said that French retailer Casino may still exercise its option to raise its stake in the Brazilian firm to 32% in 2004 despite deciding not to increase its stake this year.

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Casino, which bought a 24% voting stake in CBD for US$1.1bn in August 1999, did not exercise its option in August to raise its stake in CBD by 8% for $45 per share.


However, a spokesman for CBD, which is also known by the name of its flagship supermarket chain Pao de Acucar, said the French retailer may still choose to buy an 8% stake at the same price by the end of next year if market conditions were favourable, reported Reuters.

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