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UPDATE 1-Brazil retailer GPA denies reports of sale by parent Casino

Reuters
·1 min read

(Updates with denial from GPA, no comment from Casino)

RIO DE JANEIRO, June 22 (Reuters) - Brazilian food retailer GPA denied on Tuesday in a securities filing reports that its parent company Casino Guichard Perrachon was considering selling its stake in the company.

Two major Brazilian newspapers, O Estado de S. Paulo and Valor Economico, had earlier reported that Casino was considering selling its roughly 41% GPA stake.

O Estado de S. Paulo, citing sources familiar with the matter, reported that Casino had hired Brazilian investment bank BR Partners to structure the sale.

Newspaper Valor, citing one source, said Casino was considering a sale, but that it had not hired any banks or advisors. The paper said Casino has been considering such a sale for a significant period of time, but that any operation would depend on the interest of potential buyers.

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In a Tuesday morning securities filing, GPA said it had consulted with Casino and it had been informed that no sale process was ongoing.

"GPA ... informs to its shareholders and the market in general, after questioning its management and controlling shareholder, that no bank has been hired and that there is no ongoing sale process," the company said.

Casino declined to comment. BR Partners did not respond to a request for comment.

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

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

(Reporting by Gram Slattery in Rio de Janeiro and Paula Laier in Sao Paulo, Additional reporting by Dominique Vidalon in Paris, Editing by Louise Heavens and Andrea Ricci)