Brazilian businessman Abilio dos Santos Diniz, who through his family controls 5.07 per cent of Carrefour, and is the multinational’s fourth-largest shareholder, has been nominated as the newest appointment to the retailer's board.
Diniz and his family owns the stake through a holding company, Península Participações.
In a statement, reported by Reuters, Península Participações, said that it "believes in Carrefour's growth potential and expects to help contribute to the development of the group. The billionaire has confirmed that the group may be looking to boost its stake in the French retailer.
In its full year results, Carrefour said that its Brazil business has performed strongly despite a backdrop of political and economic challenges. Return on investment in its Latin American businesses saw a 23.5% increase last year, at constant exchange rates.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. To subscribe to ESM: The European Supermarket Magazine, click here
