Morgan Stanley, JPMorgan to manage Casino, GPA e-commerce IPO, source says
SAO PAULO (Reuters) - Morgan Stanley & Co (MS.N) and JPMorgan Chase & Co (JPM.N) were hired to manage a potential initial public offering of the combined e-commerce units of France's Casino Guichard Perrachon & Cie (CASP.PA) and its Brazilian subsidiary, a source with direct knowledge of the situation said on Tuesday.
Casino and GPA SA (PCAR4.SA), as the French retailer's Brazilian unit is known, are considering plans to combine their online businesses, which have more than $4 billion of sales, and listing the resulting entity in the United States, according to a joint securities filing.
According to the source, who declined to be identified because the deal is in the works, the aim of the plan is to help Casino build a global e-commerce platform to fend off competition from Amazon.com Inc (AMZN.O), eBay Inc (EBAY.O) and Chinese peer Alibaba Group Holding Ltd IPO-ALIB.N.
(Reporting by Guillermo Parra-Bernal; Additional reporting by Brad Haynes and Aluísio Alves in São Paulo; Editing by Eric Walsh)