French supermarket retailer Casino said it had raised its offer price to buy the 50% stake held in Brazilian retailer GPA by its Colombian unit Exito, as part of a plan to simplify its Latin American operations.
Casino, which is restructuring its Latin American operations as part of a broader plan to cut debts and improve its financial performance, said it would offer 113 reais ($27.7) per share for the GPA stake – up from a previous 109 reais offer.
Latin America, and particularly Brazil, has been a key contributor to Casino’s sales and profits, helping offset a weaker performance in France where price wars among supermarket companies have hit margins.
Source: Reuters.com