With the announced sale of Grupo Pao de Açucar, Brazil's 2nd largest retailer in terms of sales, the French retailer is preparing for significant change for Latin America, the largest market in terms of sales. In France, following two bids yesterday, shareholders are facing a scenario of extreme dilution.
On 26th June, the Casino Group announced an aim to sell the last Brazilian asset, Grupo Pao de Açucar (over 700 stores), where it holds 40.9%. The group is also expected to sell Exito, with 621 stores in Colombia, Uruguay and Argentina. This announcement sparked enthusiasm in the markets: shares in GPA, founded by the Diniz family and currently valued at around €970 million, jumped 14% in the week following the announcement. In Brazil, Casino has sold the 11.7% stake in Assai, the wholesale bus
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