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The largest retail group in Brazil, Grupo Pão de Açúcar, will be merged with its main competitor in the domestic market, in a deal that will mean more cash each year for the Klein family, student store owners of Casas Bahia.
Sao Paulo. The largest retail group in Brazil, Grupo Pão de Açúcar, will merge with rival Casas Bahia after redesign student store your original agreement, said Friday local newspaper O Estado de S. Paulo, citing people familiar with the matter.
They will also have the opportunity to get out of the firm in a shorter and under better conditions than in the covenant that was originally negotiated, said state period. The newspaper added that a formal announcement could be made this Friday.
Original negotiation. The Klein family left in March negotiating the agreement, which provided that Sugarloaf buy Casas Bahia in a deal worth over 4,400 million reais (U.S. $ 2,400 million) operation. The argument was that, in his opinion, the assets had been undervalued.
Pão de Açúcar inject 700 million (U.S. $ 380.3 million) and 800 million reais (U.S. $ 388.8 million) of fresh capital into the new company, to be called Nova Casas Bahia and become retail unit sales of Electronics, Estado said.
That unit will be chaired by a member of the Klein family, student store who will report directory Pão de Açúcar, the newspaper said. The new agreement will give the Klein family $ 200 million immediately concluded State.
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