Brazilian investor Tanure in initial talks with Casino over GPA shares, says source
16/12/2024 21:27
By Luciana Magalhaes and Paula Laier
SAO PAULO, Dec 16 (Reuters) - Brazilian investor Nelson
Tanure has initiated preliminary discussions with French
retailer Casino CASP.PA ,about buying at least part of its
shares in supermarket operator GPA PCAR3.SA ,, according to a
source familiar with the matter, potentially adding to a stake
amassed by funds allied to Tanure in recent days.
Tanure, who generally invests in distressed companies,
recently agreed to acquire the Brazilian arm of Spanish
supermarket chain Dia, which has been through restructuring
proceedings.
Tanure declined to comment, and Casino, which owns a 22.5%
stake in GPA, did not immediately respond to requests for
comments.
The source said talks are still "superficial" and involve a
demonstration of "intentions".
Earlier Monday, GPA announced in a regulatory filing that
funds managed by Reag Trust Administradora de Recursos acquired
a 9.56% stake in GPA, including some operations involving
derivatives. These deals were funded by Tanure, the same source
indicated. The news sent shares of GPA up 14% in Monday's
trading.
Looking ahead, Tanure is considering proposing a merger
between Dia and GPA, contingent on regulatory approval, the
source added. Valor Economico newspaper first reported Tanure’s
interest in merging the two companies.
After years of debt-fueled acquisitions, Casino has
restructured its operations to avoid bankruptcy. In March, GPA
completed a primary offering of new shares, during which Casino
relinquished its controlling stake in the firm as part of its
strategic withdrawal from Latin America.
(Reporting by Luciana Magalhaes; editing by Edward Tobin)
((Luciana.NovaesMagalhaes@thomsonreuters.com;))