Brazil’s largest grocer Companhia Brasileira de Distribuicao’s (CBD) buyout of Se, the local arm of Portugese supermarket chain Jeronimo Martins, has been put on hold by the country’s financial watchdog Cade.
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The Ministry of Finance asked Cade to examine the €143m (US$139.8m) offer in order to establish whether it will have any anti-competitive effects in giving CBD a dominant position in wealthy Sao Paulo state.
A spokesman for Cade added that it will also look into the possibility of job losses and supermarket closures.
CBD hopes to rebrand Se’s 60 outlet-strong chain under the banners Pao de Acucar, Barateiro, and Extra.
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