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Carrefour has announced its intention to fully acquire its Brazilian subsidiary, by buying out minority shareholders. This would also remove the company’s Brazilian branch from the São Paulo stock exchange.
Central to strategy
Carrefour currently holds a 67.4 % stake in its Brazilian operations, but it believes that complete ownership will enhance operational efficiency and bolster its growth ambitions in the country. In recent years, the French distributor has significantly expanded its presence in Brazil through acquisitions, including Makro in 2020 and Grupo BIG in 2022.
CEO Alexandre Bompard calls Brazil more central than ever to the group’s strategy, and says that the purchase of all shares in Carrefour Brazil would complete his strategy to establish an undisputed position as market leader and will enable the local management to focus on operational and commercial excellence.
Cash or shares
Minority shareholders are presented with three options: a cash offer at a 32 % premium over the recent share price, an exchange of one Carrefour share for eleven Carrefour Brazil shares, or a mixed option combining cash and shares.
One of the main shareholders, Peninsula, has already expressed support and chosen the share option. The acquisition still requires approval from minority shareholders during an extraordinary general meeting in the spring. If all proceeds as planned, the transaction is expected to be completed by the end of that quarter.
