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Casino amends terms of Latin America simplification deal

Casino Guichard-Perrachon SA on Aug. 19 said its board approved a final amendment to the simplification of its Latin American operations.

The food retailer plans to purchase the stake held by its Colombian unit Almacenes Éxito SA, through Segisor SA, in Brazilian subsidiary Companhia Brasileira de Distribuição, or GPA. Segisor is owned by Casino and holds 99.9% of the voting rights and 37.3% of the economic rights of GPA.

Casino Group said its board raised the price of its offer to 113 Brazilian reais from 109 reais per GPA share. The amendment also includes a partial purchase price matching clause, which is equal to 80% of the price difference, on the 49.8 million GPA shares that Casino would indirectly acquire from Éxito. The clause exists in case of disposal for all or part of such shares priced above 113 reais is launched within 15 months.

The amended offer is valid until Aug. 27 and other terms and conditions were not changed.

The deal is subject to certain corporate approvals of governance bodies, the company added.

As of Aug. 19, US$1 was equivalent to 4.03 Brazilian reais.