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Brazil Pao de Acucar sees $436 mln for '10 growth

Thu Nov 12, 2009 10:41am EST

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SAO PAULO, Nov 12 (Reuters) - Brazil's largest retailer Grupo Pao de Acucar (PCAR5.SA)(CBD.N) plans to spend at least 750 million reais ($436 million) in 2010 to open new stores and expand organically in the country, Chief Financial Officer Eneas Pestana said on Thursday.

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The company also forecasts synergies from its takeover of home appliances retailer Globex Utilidades (GLOB3.SA) to be "much larger" than the 500 million reais previously estimated, Chief Executive Jorge Herzog said on a conference call. ($1=1.72 reais)

(Reporting by Stella Fontes and Guillermo Parra-Bernal, Writing by Elzio Barreto)

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