Casino Guichard-Perrachon SA filed a complaint against Brazil’s largest retailer to the country’s securities regulator, according to a filing on its website.
The Saint Etienne, France-based supermarket operator shares control of Cia. Brasileira de Distribuicao Grupo Pao de Acucar with Brazil’s Diniz family. Casino last month opposed a proposal to merge Pao de Acucar with Carrefour SA’s Brazilian assets. The filing, dated July 26, didn’t disclose the details of the claim.
Casino Chairman Jean-Charles Naouri said the proposal was illegal as it violated a 2005 shareholder agreement that giving Casino the option to buy control of Pao de Acucar next year.
An external press office for Casino in Brazil said the group doesn’t have a complaint against the Pao de Acucar management and that the filing is for information, without providing details.
Trindade Sociedade de Advogados, the law firm representing Casino on the complaint, didn’t immediately return a phone call seeking comment. Pao de Acucar didn’t immediately return calls and e-mails from Bloomberg News. Brazil’s securities regulator can’t provide details on the complaint, said an official, who asked not to be identified citing internal policy.
Shares in the Brazilian retailer fell 1.2 percent to 65.00 reais at the market close in Sao Paulo, while the benchmark Bovespa index dropped 2.1 percent. Casino fell 2.3 percent to 60.23 euros at the market close in Paris.