Brazil’s competition watchdog, the Conselho Administrativo de Defesa Econômica (CADE), has ruled in favour of Carrefour in its judgement that Abilio Diniz’s recently-increased stake in the retailer, together with his holding in food giant BRF, constitutes fair practice, Reuters reports.
The issue was brought before the CADE after Diniz increased his holding in the French multinational to over five per cent, in order to be granted a board seat. His stake in BRF, which is one of the major suppliers of processed foods to Carrefour Brazil, stands at three per cent.
BRF is the largest poultry-producer in the world, and is behind premium food brands in South America such as Sadia, Qualy and Perdigão.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. To subscribe to ESM: The European Supermarket Magazine, click here.
