Carrefour says no hostile intentions against Casino
PARIS, July 5 (Reuters) French retailer Carrefour canada goose uk outlet said it had no plans for a hostile bid for canada goose coats on sale rival Casino Brazil operations, despite pushing on with merger plans in the face of claims its swoop on the business was illegal.
Carrefour, which drew criticism from Canada Goose Online shareholder rights group Deminor for not buy canada goose jacket keeping uk canada goose outlet the market informed over Brazil, is fighting Casino for a bigger share of the fast growing Brazilian market as the two companies Canada Goose sale European sales stagnate.
On Monday, Carrefour board approved a plan to merge Carrefour Brazilian assets with those canada goose clearance of Brazil Grupo de Acucar (GPA), in which Casino is canada goose store the controlling shareholder.
The move prompted Casino to warn Carrefour that the merger could not go ahead without its consent.
Casino chairman Jean Charles Naouri met on Monday with Luciano Coutinho, canada goose president of Brazil buy canada goose jacket cheap state development bank BNDES, which is to provide financial backing for cheap Canada Goose the deal. Naouri told Coutinho that Canada Goose sale he would defend Casino right to boost its stake in Pao de Acucar Canada Goose Jackets through an option next June, the O Estado de S. Paulo newspaper reported, citing uk canada goose sources with knowledge of the canada goose factory sale situation.
Casino also made Canada Goose Outlet a second canada goose clearance sale request canada goose coats for arbitration at the International Chamber of Commerce against the current GPA chairman, Brazilian tycoon Abilio Diniz, for negotiating with Carrefour without informing it.
has no hostile intentions regarding Casino, Carrefour said in a statement on canadian goose jacket Tuesday, adding that the proposal was submitted to both Carrefour and CBD (Grupo Pao de Acucar) at the same time and was subject to CBD approval.
Carrefour also said in the same statement that talks between Carrefour and Diniz had been legal.
available agreements Canada Goose Coats On Sale between Casino and the Diniz Group relating to CBD (GPA) and its controlling shareholder Wilkes do not contain, to our knowledge, any provision prohibiting discussions or negotiations, and to date Casino has not referred to any specific clause to support its assertions, it said.
Casino and Diniz each own 50 percent of the voting rights of holding company Wilkes, which in turn controls 66 percent of the voting rights of Grupo Pao canada goose uk black friday de Acucar.
Wilkes shareholders are due to meet on Aug. 2 to discuss the proposed tie up.
Carrefour could face further pressure over Brazil.
European shareholder rights group Deminor cheap canada goose uk sent a letter to Carrefour Chief Executive Canada Goose online Lars Canada Goose Parka Olofsson and France canada goose black friday sale AMF stockmarket watchdog on https://www.canadagooseoutlete.com/ July 4 to complain that Carrefour had failed to inform financial markets and Carrefour shareholders at its June 21 annual meeting that it was in talks with the Diniz group about Brazil.
To that end Carrefour on Tuesday listed its Spanish discount chain Dia in a 2.3 billion euro canada goose uk shop ($3.3 billion) spin off aimed at leaving the retail giant free to revamp its French business amid poor European sales. (Reporting by Dominique Vidalon; Editing by James Regan and Will Waterman).