Carrefour has announced its intention to acquire the total outstanding shares of its Brazilian subsidiary, currently held by minority shareholders. In addition, the company is seeking to delist Carrefour Brazil from the São Paulo Stock Exchange (B3) through a share merger.
The Carrefour Group, which already owns 67.4% of the business in Brazil, has decided to increase its stake to 100% in what it considers to be "a key asset for the group," a sign of its confidence in the Brazilian unit's growth trajectory and its potential for value creation.
"This transaction marks an important milestone in the consolidation of our leadership in Brazil, where we have expanded with an extremely competitive business model and through a series of targeted acquisitions," stated Alexandre Bompard, chairman and CEO of the Carrefour Group.
The purchase of all Carrefour Brazil shares completes the Group's strategy of establishing a strong position in the market, allowing local management to focus on improving operational and commercial excellence, Bompard added.
Peninsula, Carrefour Brazil's second-largest shareholder, has supported the transaction as it "will bring value to all parties". The company has chosen to convert all its Brazilian shares into Carrefour Group shares.
An independent committee of Carrefour Brazil has evaluated the proposed offer to minority shareholders and considered it fair, so the board of directors of Carrefour Brazil has recommended it.
Bompard is convinced that the decision represents an opportunity for the capital allocation of the group, generating sustainable value for customers, employees, partners, and shareholders. It underlines Carrefour's commitment to Brazil, a country that occupies a central place in its strategy.
The deal is subject to the approval of Carrefour Brazil's minority shareholders. The company is expected to reach an agreement during an extraordinary general meeting of shareholders in the second quarter of 2025. If approved, the transaction could be closed before the end of the second quarter of 2025.
Source: www.revistainforetail.com