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Retailer Carrefour takes step towards possible IPO of Brazil unit
May 24, 2017 / 9:28 AM / 7 months ago

Retailer Carrefour takes step towards possible IPO of Brazil unit

PARIS, May 24 (Reuters) - Carrefour, the world’s second-largest retailer, said on Wednesday it had taken a preliminary step towards a possible listing of its assets in Brazil this year.

Atacadão S.A., the parent company of Carrefour’s Brazilian activities, had on Tuesday filed with the Brazilian Securities Commission (CVM) a draft preliminary prospectus in the context of its previously-announced plan to list its shares on the Novo Mercado market, Carrefour said in a statement.

Carrefour shares were up 2.1 percent, among the top-performing stocks on France’s benchmark CAC-40 index which was down 0.1 percent.

Carrefour has targeted an initial public offering (IPO) for the Brazilian unit this year, market conditions permitting, in order to accelerate its expansion in Brazil, which is its second-largest market after France.

Brazilian tycoon Abilio Diniz, who is a key Carrefour shareholder, told Reuters in March that an IPO could take place in mid-2017, given signs that Brazil’s economy was emerging from the worst recession in its history.

A Carrefour spokeswoman said on Wednesday that the filing of the prospectus, which contains financial information on Carrefour’s Brazil business, was a preparatory and technical step ahead of the possible Brazil IPO. (Reporting by Dominique Vidalon, Pascale Denis; Editing by Sudip Kar-Gupta)

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