Pão de Açúcar auction begins for 13 mln preferred shares

SAO PAULO Fri Jan 11, 2013 12:37pm EST

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SAO PAULO Jan 11 (Reuters) - The auction of 13 million preferred shares of Grupo Pão de Açúcar at a minimum price of 88 reais per share, began on the Sao Paulo stock exchange.

The company is Brazil's biggest diversified retailer. The auction was announced on Friday by exchange operator BM&FBovespa.

The auction will continue until 4:10 p.m. local time (1810 GMT), according to a BM&FBovespa statement.

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