SAO PAULO - It has been stated that Casino Guichard - Perrachon SA, the French retailer will not back out from the conditions of the pact signed with Abilio Diniz, the chairperson of the biggest retail business group of Brazil. While the French Group gives due consideration to the rights of Diniz, it will not accept or tolerate any changes or proposals as regards the sale agreement, said some unidentified persons whereas the Casino and Diniz’s offices avoided any comments.
Brazilian press said that Diniz intended to make various proposals, consequently making changes in the agreements of 2005. Somebody even said that the Casino had seen the proposals of Diniz & his team and rejected the same. The communiqué added that Diniz would remain the chairman of CBD but the Casino would have its own control for appointment of majority of its board members. A closely related person with the talks disclosed that even after June 22, Diniz desires to secure a good position in the CBD decision making.
The officials in the Diniz’s office said that they did not receive any communication from the Casino. On the condition of anonymity, somebody said that Casino wanted Diniz to dispose off his entire share in the group and thus withdraw from the CBD. However, others said that they did not know anything like this. In fact, relations between the casinos and Diniz have strained in the recent past that made the shareholders to vote out Diniz.
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