Brazilian cash-and-carry chain Assai said that its largest shareholder, France’s Casino, had started studies to potentially sell a $500 million stake in the company.
The figure could be increased, if market conditions allow, Assai said in a securities filing. The deal is set to take the form of a secondary public offering and be completed by the end of November.
The move comes a week after Assai said it was unaware of any such transaction, responding to rumors about a sale.
Casino has hired Banco BTG Pactual SA, Itau BBA SA and JP Morgan to manage the transaction.
Source: Reuters.com