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Report: Brazil's GPA to sell gas stations for up to 1B reais

Companhia Brasileira de Distribuição, the Brazilian subsidiary of France's Casino Guichard-Perrachon SA, is selling its network of gas stations in a deal that could raise up to 1 billion Brazilian reais, Reuters reported Jan. 9, citing one person with knowledge of the matter and a report by Brazilian financial blog Brazil Journal.

The retailer, which does business as GPA, operates a chain of hypermarkets and department stores in Brazil, selling food, apparel, home appliances, electronics and more.

The potential sale of its gas stations comes as its French parent works to simplify its Latin American operations. Reuters said Casino is looking to focus only on food retailing in Brazil.

Banco Bradesco’s investment banking unit is reportedly leading the sale process. GPA is also considering the sale of its drugstores, according to the report.

In November 2019, GPA settled its purchase of its Colombian unit Almacenes Éxito SA as part of Casino's simplification push. GPA also sold its remaining shares in consumer electronics retailer Via Varejo SA in 2019 for about 2.23 billion reais.

GPA representatives declined to comment on the matter, according to the news outlet.

GPA's stock closed up 1.19% to 91.70 reais on Jan. 9 in São Paulo.

As of Jan. 9, US$1 was equivalent to 4.07 Brazilian reais.