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Pão de Açúcar chairman offers block of shares-source
January 11, 2013 / 5:45 PM / 5 years ago

Pão de Açúcar chairman offers block of shares-source

SAO PAULO, Jan 11 (Reuters) - The chairman of Brazilian retailer Grupo Pão de Açúcar, Abílio Diniz, has offered to sell a block of 13 million preferred shares at auction on Friday, a source with knowledge of the transaction told Reuters.

The share sale is part of Diniz’s plan to diversify his holdings and reinvest in other Brazilian companies, the source said. Last year, Diniz handed control of the company, Brazil’s biggest retailer, to French group Casino following an unsuccessful attempt to merge with Casino’s rival Carrefour .

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