In an editorial, Valor Econômico closes the media circle against Abilio's "move".

247 – “BNDES’s participation in businessman Abilio Diniz’s latest move is unjustifiable.” This is how today’s main editorial in the Valor Econômico newspaper, jointly published by the Folha and Globo groups, begins. Under the title “BNDES’s involvement in a dubious deal,” the text defends, with factual arguments, the exclusion of the public bank from the possible financing of the merger between the Pão de Açúcar and Carrefour groups. The publication completes the circle of media outlets opposed to the deal as presented by Diniz (Read the news article on this topic published yesterday by 247.)

“Firstly, because the operation will capitalize a foreign company, Carrefour, which is admittedly in difficulty, but has the capacity to obtain resources in the international market,” notes Valor, which recalls: “BNDESPar participates in the capital of more than 150 companies, totaling R$ 90 billion, but they are predominantly nationally owned.”

The newspaper goes further: “Another reason that casts doubt on the operation is Casino's opposing reaction, which means legal uncertainty.” The editorial recalls that, starting in 2012, due to a shareholders' agreement made in 2005, the French partner of Pão de Açúcar would gain control of the business. If Diniz's plan succeeds, it points out, the French would not only lose control but would also be diluted in the new company. “Casino is unlikely to throw in the towel easily and has even hired criminal lawyer José Carlos Dias to reinforce the battalion of legal experts battling in the case, ever since the French discovered the 'betrayal'.”

Valor concludes: "The arguments presented by BNDES for entering the business are not sustainable."