April 9, 2013 / 3:57 PM / 5 years ago

Brazil's Diniz sells $431 mln in Pão de Açúcar shares at auction

SAO PAULO, April 9 (Reuters) - Abilio Diniz, chairman of Grupo Pão de Açúcar SA, raised 853 million reais ($431 million) through the sale of preferred shares of Brazil’s largest retailer, as he gradually weakens ties with the company his father founded.

Diniz auctioned off 7.96 million shares at a price of 107.15 reais apiece, above the 104.50 reais minimum price set before the auction, a source with knowledge of the situation said on Tuesday.

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