Carrefour Raises Offer to Take Brazilian Grocery Unit Private

Carrefour Raises Offer to Take Brazilian Grocery Unit Private

Carrefour SA raised the offer to take its Brazilian unit private just a few days before a key vote as minority shareholders mobilized against the initial bid.

Carrefour is one of the largest and most well-known supermarkets in Spain, with a vast presence throughout the country.With more than 60 years of history, the company has managed to consolidate itself as a benchmark in the distribution sector. Over the years, it has adapted to market changes, innovating and expanding its offer to satisfy consumers.Now the French company seeks to optimize its focus on communication and environmental management th…

The distributor now offers 8.5 reals per title to the minority shareholders of Grupo Carrefour Brasil.

To give shareholders enough time to review the new conditions, the company's board of directors postponed the extraordinary general meeting to April 25

Carrefour improved its proposal to acquire all outstanding shares of its Brazilian subsidiary, raising the amount in cash it would pay per share of Carrefour Brazil to R$ 8.50, from R$ 7.70 previously, according to a statement from the French group released this Thursday (3). Minority shareholders will also have the option of receiving 1 share of Carrefour for every 9.96 shares of the Brazilian unit — previously, this exchange ratio consisted of…