BRAZIL: Wal-Mart coy on Carrefour Brazil takeover talks
By: Petah Marian | 9 August 2011
Wal-Mart has remained coy on reports that it is in talks to buy Carrefour's Brazil unit.
The statements came today (9 August) as Brazilian newspaper Valor Economico reported that executives from Wal-Mart's US headquarters have held talks with Carrefour's executives over a possible deal.
A spokesperson for Wal-Mart said that it has "made no announcement regarding Brazil and do not comment on market rumour or speculation", while Carrefour declined to comment.
Carrefour was in talks with the Diniz Group to merge with Brazilian retailer CBD. However, the controversial plan was not supported by CBD's other major shareholderCasino.
Casino claimed that a 2005 deal with Diniz meant that it was due to become the sole controlling shareholder in CBD, which is also known by its trading name of Grupo Pao de Acucar, next year.
Diniz withdrew the proposal following Casino's continued opposition.
