As part of this transaction, Gama would become a reference shareholder of Carrefour. Carrefour’s board of directors will hold a meeting in the coming days to review this proposal.
Gama is a company wholly owned by an investment fund managed by BTG Pactual, one of Brazil’s leading financial groups, to be capitalised by the Brazilian National Development Bank (BNDES).
Gama has indicated that it will benefit from a capital injection from BNDES and BTG Pactual of €2bn and debt financing for €500m. This proposal will be submitted for final approval to BNDES’s board, further to the favourable opinion already issued by BNDES’s Technical Committee. Gama has indicated that its proposal has also been submitted to CBD.
This transaction, if it were to be completed, would lead to the creation of the largest player in the retail industry in Brazil, the world’s third biggest market in terms of food spending, with estimated combined 2011 pro?forma turnover in excess of €30bn.
Source: Carrefour
© FoodBev Media Ltd 2024