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Reuters
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Apr 10, 2015
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Brazil tycoon Diniz to raise Carrefour stake, eyes board seat

By
Reuters
Published
Apr 10, 2015

Brazilian tycoon Abilio Diniz is in talks to raise his 5.07 percent stake in Carrefour SA and has the support of major shareholders to take a board seat in the retailer, a source with knowledge of the situation said on Thursday.

Diniz, who is Carrefour's fourth-biggest shareholder behind France's Moulin family, billionaire Bernard Arnault and private equity firm Colony Capital, could be nominated to the board at a meeting in July, said the source, who requested anonymity since the plans remain private.

The Brazilian tycoon, who earlier in the day announced that his Carrefour stake doubled from 2.4 percent recently, is in talks to buy part or all of Arnault's stake, the source said. A second source with knowledge of Diniz's thinking said he wants a board seat at the Boulogne-Billancourt, France-based firm.

Peninsula Participações, the investment vehicle managing Diniz's fortune, denied that Diniz has plans to up his Carrefour stake or seek a board seat. Arnault's press office declined to comment. Efforts to reach the other companies were unsuccessful.

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