Casino in France plans to sell GPA unit in Brazil, newspapers say

RIO DE JANEIRO, June 22 (Reuters) – French retail group Casino Guichard Perrachon is considering selling its roughly 41% stake in GPA, a major food retailer in Brazil, two major Brazilian newspapers reported on Tuesday.

Paper O Estado de S. Paulo, citing sources familiar with the matter, reported that Casino had hired Brazilian investment bank BR Partners to sell its stake in GPA.

Valor Economico newspaper, citing a source, said Casino was considering selling GPA, but had not hired any banks or advisers. The newspaper said Casino had been considering such a sale for some time, but any deal would depend on the interest of potential buyers.

GPA, Casino and BR Partners did not immediately respond to requests for comment Tuesday morning.

GPA told Valor and O Estado de S. Paulo that he “has no information on the subject.” Casino declined to comment on both newspapers.

Casino has reorganized its Latin American assets in recent months in order to improve governance and simplify the structure of its activities in the region.

Earlier in June, Reuters reported that GPA was considering splitting from its Colombian unit Almacenes Exito SA.

(Report by Gram Slattery in Rio de Janeiro and Paula Laier in Sao Paulo, editing by Louise Heavens)

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