Amidst the war, Casino buys US$1 billion worth of Pão de Açúcar shares.
Diniz's French partner now holds twice his stake in the group; his power to block the merger with Carrefour is greater or, if he accepts, he will be stronger in the new conglomerate.
247 – Yesterday, Pão de Açúcar's shares traded four times faster than Vale's and five times faster than Petrobras' on the São Paulo Stock Exchange. In total, 25% of the trading volume was in the group's shares. This movement was largely driven by a single buyer: the French group Casino. As if preparing for war, Abilio Diniz's French partner increased its stake in Pão de Açúcar from 37% to 43% due to the acquisitions. Now, while Casino is strengthened internally to block Abilio's merger with Carrefour, it also grows within the new company should the deal go through. According to the published formula, the French would hold almost the same number of shares as Abilio Diniz, BNDES, and BTG Pactual combined would hold in the new holding company.