Abilio Diniz, a Brazilian tycoon, is in talks to buy Carrefour’s Brazilian unit, according to Reuters. The French retailer Carrefour is looking to sell its Brazilian assets to Diniz, who wants to take a 10 to 15 percent stake in the segment.
Diniz was once head of Carrefour’s competitor GPA SA and stepped down. After leaving, he bought a 6% stake in Carrefour. Diniz, will have management rights in the Carrefour’s Brazilian segment, which include cash and carry wholesale.
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Diniz is one of the richest men in Brazil and is the son of the founder of GPA. He left the company when he had a disagreement with another head of the company, Casino Guichard Perrachon and Cie over talks with Carrefour which would have given the latter a stake in GPA.
If Diniz takes a stake in Carrefour, he could potentially compete with his family business, GPA in Brazil. It is possible that the Carrefour’s Brazilian unit could be spun out in an IPO.