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Pão de Açúcar's Diniz takes shareholder Casino to arbitration
December 20, 2012 / 9:06 PM / 5 years ago

Pão de Açúcar's Diniz takes shareholder Casino to arbitration

SAO PAULO, Dec 20 (Reuters) - Abilio Diniz, chairman of Grupo Pão de Açúcar SA, filed for arbitration against Casino Guichard Perrachon & Cie, the Brazilian retailer’s majority shareholder, alleging an attempt to weaken his position in the company.

Diniz said in a statement on Thursday that it sought for arbitration before the International Chamber of Commerce to demand Casino sticks to a shareholder agreement signed in 2006.

“The arbitration procedures, whose terms are confidential, set out a goal of ensuring that Casino meets terms of the shareholders’ agreement ... and refrains from taking actions that hamper the position of Abilio Diniz as chairman of Grupo Pão de Açúcar,” the statement said.

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