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Carrefour board backs Brazil merger plan

PARIS : France's Carrefour backed a plan to merge its Brazilian operations with Brazil's top retailer, Grupo Pao de Acuc
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By Syed Murtaza Gheblehzadeh
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carrefourPARIS: France's Carrefour backed a plan to merge its Brazilian operations with Brazil's top retailer, Grupo Pao de Acucar (GPA), to create a company with annual sales of more than 30 billion euros ($43.6 billion).

Full-year synergies have been estimated at between 600 million and 800 million euros, Carrefour said in a statement on Monday.

The deal was proposed by Gama, a company wholly owned by an investment fund managed by BTG Pactual, one of Brazil's leading financial groups, and capitalized by the Brazilian National Development Bank (BNDES).

Copyright Reuters, 2011

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