Brazilian Retailer Moves Toward Merger With Carrefour

Law360, New York (June 28, 2011, 1:57 PM EDT) -- Brazilian retailer Grupo Pao de Acucar took a step Tuesday toward a proposed and controversial joint venture with French giant Carrefour SA, agreeing to be bought by a group of investors led by BTG Pactual for 66 reais ($41.40) per share.

The joint venture, proposed by investment group Gama, would transfer control of Grupo’s Companhia Brasileira de Distribuicao to Carrefour, creating by far the largest retailer in the region, according to the companies. Carrefour said it was considering the deal, though it faces fervent opposition from...
To view the full article, register now.