STXNEWS LATAM-Pão de Açucar may change statutes, bow to Casino demands
Grupo Pão de Açúcar, Brazil's largest retailer, said on Wednesday that shareholders' meeting will be held on Oct. 18 to discuss changes to the company's statutes, including the creation of a vice chairman position. Most changes are being sponsored by Casino Guichard Perrachon, the French retailer that won control of the Brazilian company in June.
According to a securities filing in Brazil, shareholders of Pão de Açúcar will cast votes on the election of Arnauld Strasser, 42, as vice chairman. The creation of a corporate governance committee and an overhaul of the board might also be discussed and voted on, the filing said.
Casino and Pão de Açúcar Chairman Abílio Diniz fell out last year after the latter tried to merge the Brazilian company with Carrefour without Casino's approval. Carrefour is Casino's archrival in France.