Categories: Stock Market News

Unique-Brazilian investor Tanure in preliminary talks with On line casino over GPA shares, says supply


By Luciana Magalhaes and Paula Laier

SAO PAULO (Reuters) – Brazilian investor Nelson Tanure has initiated preliminary discussions with French retailer On line casino (EPA:CASP),about shopping for not less than a part of its shares in grocery store operator GPA,, in keeping with a supply conversant in the matter, probably including to a stake amassed by funds allied to Tanure in latest days.

Tanure, who typically invests in distressed corporations, not too long ago agreed to amass the Brazilian arm of Spanish grocery store chain Dia, which has been by way of restructuring proceedings.

Tanure declined to remark, and On line casino, which owns a 22.5% stake in GPA, didn’t instantly reply to requests for feedback.

The supply stated talks are nonetheless “superficial” and contain an illustration of “intentions”.

Earlier Monday, GPA introduced in a regulatory submitting that funds managed by Reag Belief Administradora de Recursos acquired a 9.56% stake in GPA, together with some operations involving derivatives. These offers had been funded by Tanure, the identical supply indicated. The information despatched shares of GPA up 14% in Monday’s buying and selling.

Trying forward, Tanure is contemplating proposing a merger between Dia and GPA, contingent on regulatory approval, the supply added. Valor Economico newspaper first reported Tanure’s curiosity in merging the 2 corporations.

After years of debt-fueled acquisitions, On line casino has restructured its operations to keep away from chapter. In March, GPA accomplished a main providing of recent shares, throughout which On line casino relinquished its controlling stake within the agency as a part of its strategic withdrawal from Latin America.

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