French retailer Casino has started the process to take full control of Brazilian supermarket chain Companhia Brasileira de Distribuição SA (CBD).
Casino said it had informed Abilio Diniz, head of the Diniz Group, which currently controls CBD, of its decision to exercise its right to appoint the chairman of the board of directors of Wilkes, a holding company that in turn controls a majority of CBD’s voting shares.
Casino said: “Casino’s decision to exercise this contractual right will result in Casino becoming CBD’s sole controlling shareholder.”
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