Carrefour's Brazil Unit to Go Private Following Shareholder Approval
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)
