With R$ 4 billion from BNDES, Abilio puts together a purchase formula.
The state-owned bank would contribute 85% of the money to be given to Carrefour; BTG Pactual, a private bank, would contribute 18%; the deal would be managed by Abilio.
247 - Businessman Abilio Diniz is making a bold move to merge his Pão de Açúcar supermarket chain with Carrefour, but the bulk of the money isn't his. It's from BNDES, the state-owned investment bank. No less than 85% of the capital to complete the deal, or R$ 3,91 billion, would come from BNDES. The other 15% would go to BTG Pactual, a private investment bank. Abilio and Pão de Açúcar would contribute through the dilution of their shares in the new controlling company resulting from the merger between the Brazilian and French supermarkets.
In the proposed corporate model, BNDESPar would hold 18% of the new holding company of Grupo Pão de Açúcar, the Novo Pão de Açúcar (NPA) holding company. All current Pão de Açúcar shareholders would migrate to this company. NPA would own 50% of Pão de Açúcar, after it took over the operations of Carrefour. The French companies Carrefour and Casino would hold 65% of the capital of the company that would operate the business. Management, however, would remain with Abilio.