Casino attacks Carrefour for accepting a proposal based on "illegal negotiations"
In a strongly worded statement, the Sugarloaf Mountain representative recalls having repeatedly warned about the hostility of the attempted merger.
247 – The French chain Casino has just released an official statement harshly criticizing the decision by Carrefour's Board of Directors to accept the proposed merger with Pão de Açúcar. Made by businessman Abilio Diniz and the BTG Pactual bank, based on funds borrowed from BNDES, the proposal was, according to Casino, put together after secret meetings between Diniz and the French executives at Carrefour. The official statement reiterates this point:
"Based on the press release issued by Carrefour, the Casino group believes that Carrefour and its board members can be held liable for accepting, despite repeated warnings, a hostile transaction resulting from illegal negotiations," Casino stated.
“Any project involving the future of Companhia Brasileira de Distribuição (Pão de Açúcar), over which Casino holds joint control, must occur under strict observance of the shareholders' agreement signed between the Casino group and (businessman Abilio) Diniz, and is also conditional upon the unanimous approval of the Wilkes board,” the note adds. The Wilkes board, which controls Pão de Açúcar, is composed of four representatives, two from Pão de Açúcar and two from Casino, with no tie-breaking vote.