Casino ups Brazil stake

FRENCH retailer Casino has tightened its grip on Grupo Pao de Acucar, as it battles with arch-rival Carrefour for control of Brazil’s top retailer.

Casino yesterday raised its stake in Pao de Acucar to 43.1 per cent from 37 per cent, spending €550m (£497m) to buy 16.1m preferred shares in the market.

It came after Carrefour said it was discussing a deal with Pao de Acucar chairman Abilio Diniz to merge Pao de Acucar with Carrefour Brazil, the country’s second-largest retailer.