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Finance

Shareholders approve Carrefour bid to take Brazil unit private

Published by Global Banking and Finance Review

Posted on April 25, 2025

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SAO PAULO (Reuters) - Shareholders in Carrefour's Brazil unit, Atacadao SA, voted to take it private after a bid by the French retailer to do so, according to a securities filing on Friday.

Carrefour will pay 8.50 reais ($1.50) in cash per class A preferred share held in Carrefour Brasil, as proposed by the parent company earlier in April.

Newspaper Valor Economico reported, citing sources, that 59% of shareholders had voted in favor of the proposal.

Class B and C shares are subject to other specificities, according to the filing. Each shareholder will be entitled to elect to receive a single share class.

Shareholders will have until May 12, 2025 to exercise their option to receive Class A, Class B or Class C shares.

Carrefour Brasil manages a variety of retail outlets, including Carrefour supermarkets and Atacadao and Sam's Club wholesale stores. The Brazil unit accounts for approximately 20% of Carrefour's total gross sales.

($1 = 5.6807 reais)

(Reporting by Isabel Teles; Editing by Kylie Madry)