SAO PAULO, April 13 (Reuters) - Brazil’s largest retail group Pao de Acucar PCAR5.SA(CBD.N) may have to revise terms of its planned takeover of rival Casas Bahia after complaints from Casas Bahia controlling shareholders, local media reported on Tuesday.
The Klein family that controls Casas Bahia wants several clauses of the agreement changed, including a lock-up period blocking the sale of stakes in the combined company, Valor Economico newspaper reported.
The family also claims Casas Bahia assets were undervalued and hired Brazil’s biggest mergers and acquisitions law firm, Pinheiro Neto Advogados, to advise on the renegotiation of the deal with Pao de Acucar, Valor added.
The deal, unveiled in December as the biggest ever in Brazil’s retail segment, gave both sides 120 days to iron out final terms, Valor said.
The deal was on the brink of being undone, O Estado de S.Paulo newspaper reported, citing unnamed sources close to the Kleins. Representatives from the Klein family and Pao de Acucar executives met for hours on Monday at Casas Bahia headquarters to discuss pending issues about the a agreement, but no final decisions were taken, the daily said.
Calls by Reuters to Casas Bahia, Pao de Acucar and the Pinheiro Neto law firm weren’t immediately returned. (Reporting by Elzio Barreto and Vivian Pereira, editing by Dave Zimmerman)