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.
