Casino, Guichard Perrachon : Casino Group: Casino starts arbitration against Mr. Abilio Diniz on the conflict of interest

 Casino, Guichard Perrachon : Casino Group: Casino starts arbitration against
              Mr. Abilio Diniz on the conflict of interest issue

Casino starts arbitration against Mr. Abilio Diniz on the Conflict of Interest
                                    Issue


Casino submitted today a counter-claim against Abilio Dos Santos Diniz in an
existing arbitration procedure.

Casinoseeks among other things a declaration that Mr. Diniz's election as
Chairman of the Board of Brasil Foods S.A. ("BRF"), one of CBD's largest
suppliers, without resigning as Chairman of the CBD Board, conflicts with
CBD's interests in violation of Brazilian law and the shareholders' agreements
between the parties. Casino is also requestingconfirmation that Casino may
take steps to protect CBD's interests in conformity with the shareholders'
agreement, without prejudice to any measure that may be taken by CBD in the
meantime.

Casino's decision to bring  the matter to arbitration,  as provided under  the 
agreements with Mr.  Diniz, results from  Mr. Diniz's refusal  to resign  from 
CBD's Board  despite  repeated  requests  that  he  recognize  the  clear  and 
permanent conflict resulting from  his decision to serve  as Chairman of  both 
CBD and BRF.

Casino, CBD's  controlling  and  largest  shareholder,  intends  to  take  all 
appropriate measures to  protect CBD, its  management, shareholders and  other 
stakeholders from the conflict of interest created by Mr. Diniz.

Casino starts arbitration on the conflict of interest

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Source: Casino, Guichard Perrachon via Thomson Reuters ONE
HUG#1698510
 
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