SAO PAULO Dec 9 The controlling shareholder of
Brazilian retailer Pao de Acucar is not considering
moving the company's shares to the Novo Mercado segment of the
Sao Paulo stock exchange, the company said on Sunday.
Reuters had reported on Friday, citing a person familiar
with the plans, that Pao de Acucar Chairman Abilio Diniz wanted
to make such a change to try to ensure greater corporate
Earlier this year, Diniz handed majority control of the
retailer over to France's Casino in a transaction that
has been marked by several conflicts between the two parties.
Pao de Acucar said in a letter to the stock exchange on
Sunday that Casino "is not considering, at this time, the move
of the company to the ... Novo Mercado."
The Novo Mercado is a segment of the Sao Paulo exchange with
stricter governance rules than the rest of the market. Among
other rules, it requires that all shares of companies trading in
the Novo Mercado segment have voting power.