Brazilian retailer CBD has denied speculation that it is in negotiations with Carrefour to merge their operations in the Latin American country.

In a notice to the Brazilian stock market yesterday (25 May), the retailer, which is also known as Grupo Pao de Acucar, said that it is not involved in any negotiation with Carrefour and has not appointed any financial advisors for this purpose.

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It also said that shareholder Casino said that it was “unaware” of any negotiations until disclosed by the press and “did not authorise any third party to represent its interests in such negotiations”.

Diniz said he is always seeking growth opportunities for the company but there was “no fact that could justify market disclosure”.

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