| PARIS, March 7
PARIS, March 7 The initial public offering of
Carrefour's Brazilian unit will take place in
mid-2017, billionaire Abilio Diniz said on Tuesday, voicing
confidence that Brazil's economy is emerging from the worst
recession its history.
"Carrefour Brazil's IPO willl take place this year. I do not
know yet if this will be towards the end of the first half or
the beginning of the second half but it will happen," Diniz told
Diniz, whose family is the third-largest shareholder of
French retailer Carrefour SA, was speaking after making a
presentation at the Brazilian Embassy in Paris.
"Economic conditions in Brazil are improving. I am very
optimistic on Brazil and investors are returning to the
country," he added.
The recession has left millions unemployed and hundreds of
Diniz also chairs Brazilian food processor BRF SA
, the world's largest poultry exporter.
The Diniz family is Carrefour SA's third-largest shareholder
with an 8.05 percent stake, and Diniz has a seat on the board of
the French retailer.
He and his family also bought a 10 percent stake in
Carrefour's Brazilian unit in December 2014. Diniz one year
later lifted that stake to 12 percent, with a further option to
increase the holding to 16 percent over five years.
Carrefour has said it hoped to carry out an IPO for the unit
this year. Industry observers have said Diniz's involvements as
an anchor investor could help the plan in terms of visibility
and future valuation.
(Reporting by Dominique Vidalon; Editing by Ruth Pitchford)