French supermarket Casino has agreed to take joint control of Brazilian food retail group CBD with the family of Abilio Diniz it said today (Wednesday).
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Under the deal, the Casino group will own 50% of the voting rights and 68.8% of the capital of a holding company controlling CBD, which will itself own 28.8% of the share capital and 65.6% of the voting rights of CBD.
“I am delighted to consolidate our partnership with Abilio Diniz and his family,” said
Jean-Charles Naouri, chairman and CEO of the Casino group. “CBD is a very well managed company, which today enjoys leadership positions in the very promising Brazilian food retail market. Under the leadership of Abilio Diniz and with stronger day-to-day involvement from the CASINO group, I am convinced that CBD will keep on improving its operating performance and its market positions over the next years.”
“I am very happy about this transaction which is a natural outcome of the excellent relationship which we have had with the Casino group since 1999,” said Abilio Diniz, chairman of the board of CBD. “This transaction is going to improve the level of collaboration and the exchange of experiences between both companies making possible a strengthening of our operations in Brazil, providing growth and reinforcing the commitment of best serving our consumers.”
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