STXNEWS LATAM-Casino seeks arbitration to force Diniz to resign
French retailer Casino said on Wednesday it will seek arbitration to force the chairman of the board of its Brazilian subsidiary Grupo Pão de Açúcar, Abilio Diniz, to resign due to a conflict of interest after his recent election to chairman of the board of Brasil Foods SA - one of Pão de Açúcar's main suppliers.
A spokeswoman for Diniz said in an email to Reuters, "Abilio Diniz reiterates that there is no conflict of interest in carrying out the roles he occupies at Grupo Pão de Açúcar and BRF (Brasil Foods)."
Casino Guichard Perrachon's chief executive, Jean-Charles Naouri, and Diniz fell out early in 2012, after the Brazilian tycoon who navigated Pão de Açúcar's rise to one of Brazil's leading retailers tried to broker a deal with Casino's rival Carrefour that would have helped him maintain control of the company.
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