Casino Moves Closer to GPA Control

Casino Moves Closer to GPA Control

Brazil Europe M&A

French retailer Casino has made another move in its quest for sole control of Brazil’s Grupo Pao de Acucar (GPA), reducing Albilio Diniz’s influence on the board. Casino CEO Jean-Charles Naouri will on June 22 become chairman of Wilkes, the holding company that controls GPA, replacing founding family member Diniz, Casino says. Diniz could hold on to his position as GPA’s chair, though Naouri would be able to name most of the GPA board. Under a 2005 shareholder pact, Casino takes control of both

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