French retailer Casino has said today (16 June) that it has increased its stake in Brazilian retailer CBD to 37%.
Casino said the move highlights its “continuing commitment” to the company, which is also known as Grupo Pao de Acucar, and its “trust” in the retailer’s executive team.
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The moves follow speculation that CBD’s other major shareholder – the Diniz Group – was in talks to merge the Brazilian firm’s operations with Carrefour.
The speculation prompted Casino to file for arbitration against its co-owner, calling for it to “comply with and perform its obligations under the shareholders’ agreement” from 2006.
Casino said its move to increase its stake from 33.7% to 37% does not change the corporate control of CBD. Wilkes, the joint venture between Casino and the Diniz Group, formed as part of their 2006 shareholders’ agreement, controls CBD.
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