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Diniz talks with Saudi Carrefour to buy French retailer’s Brazilian unit

Diniz talks with Saudi Carrefour to buy French retailer’s Brazilian unit

SAO PAULO: Abilio Diniz Brazilian tycoon is in talks with Carrefour Saudi Arabia about buying a stake in the French retailer’s Brazilian unit on Wednesday.

The talks remain private, Carrefour sees a private placement as a more feasible alternative now than an initial public offering for the unit, Brazil’s No. 2 retailer. Diniz is interested in buying 10 percent to 15 percent of the unit.

Diniz, who stepped down last year as chairman of Carrefour arch rival GPA SA after significantly cutting his stake, teamed up with buyout firm Tarpon Investimentos SA in a recent purchase of a stake of up to 6 percent in Carrefour. Talks between Carrefour and Diniz are at a very advanced stage.

Further while the structure of the deal is still under discussion, Diniz, 77, could obtain management rights, or the power to help manage the unit, which includes a network of supermarkets and Atacadão, Carrefour’s cash-and-carry wholesale unit.