Casino Increases Stake

Casino Guichard-Perrachon, France’s fifth-largest supermarket operator, agreed to pay $587 million to take joint control of Companhia Brasileira de Distribuição Grupo Pão de Açúcar, Brazil’s largest retailer. The purchase boosts Casino’s stake in Pão de Açúcar to 34% from 27% and gives it control of half the voting rights in Pão de Açúcar’s controlling holding company. Pão de Açúcar and French rival Carrefour dominate Brazil’s supermarket sector.