Diniz's Peninsula Participacoes May Raise Carrefour Stake
March 21 2016 - 1:49PM
Dow Jones News
By Rogerio Jelmayer
SÃO PAULO--Brazilian investment firm Peninsula Participacoes,
controlled by tycoon Abilio Diniz, confirmed Monday it is
considering raising its stake in French supermarket chain Carrefour
SA.
The final decision will depend on market conditions, said a
Peninsula spokesman, who declined to provide an estimate on the
size of the possible increase. But a person close to the Brazilian
company, who asked not to be identified, said Peninsula wants to
raise its stake from 5.1% to around 8%. Brazilian newspaper Valor
Economico also reported Monday that Peninsula could up its stake to
as much as 8%.
Peninsula is controlled by Mr. Diniz, who is also the chairman
of Brazilian food giant BRF SA. The investment firm has a total of
$3.4 billion in assets under management, including the stake in
Carrefour, BRF and real-estate assets.
Mr. Diniz used to head Brazil's largest retailer, Grupo Pao de
Açucar, or GPA, which was founded by his family and is now
controlled by French retail group Casino.
Mr. Diniz resigned as GPA's chairman in 2013 following conflicts
with Casino after he attempted to revise a 2005 deal to hand over
control of the Brazilian company. Casino took control of GPA, as
agreed, after Mr. Diniz's failed attempt to merge it with the
Brazilian unit of Carrefour.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
March 21, 2016 13:34 ET (17:34 GMT)
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