Carrefour board backs Brazil merger plan

    Carrefour board backs Brazil merger plan

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    France’s backed a plan to merge its Brazilian operations with Brazil’s top retailer, Grupo Pao de Acucar, to create a company with annual sales of more than 30 billion euros ($43.6 billion).

    Full-year synergies have been estimated at between 600 million and 800 million euros, Carrefour said in a statement on Monday.

    The deal was proposed by Gama, a company wholly owned by an investment fund managed by BTG Pactual, one of Brazil’s leading financial groups, and capitalized by the Brazilian National Development Bank (BNDES).

    Source : Reuters