Carrefour (CRERY.PK) shares sink more than 13% in Paris as the deal to merge its Brazilian operations with Companhia Brasileira (CBD) could face insurmountable roadblocks. Casino, a competitor to Carrefour, warns the merger cannot proceed without its consent.
Struggling French retail giant Carrefour (CRERY.PK) jumps 2.9% in Paris after receiving an offer to merge its Brazilian operations with Companhia Brasileira (CBD +1.8%). The JV would create the largest retail company in Brazil, with €30B in 2011 sales.
Companhia Brasileira De Distribuicao operates in the food retailing, clothing, home appliances, electronics and other products segment through its chain of hypermarkets, supermarkets, specialized and department stores.