PAO de Acucar President Abilio Diniz (R) and Casas Bahia CEO Michael Klein pose for photographers after a press conference in Sao Paulo, December 4, 2009.
Credit: Reuters/Mario MirandaSAO PAULO | SAT 2 July 2011 4: 00 am EDT
Veja weekly magazine, SAO PAULO (Reuters) Grupo Pao de Acucar President Abilio Diniz said that it did not breach its partnership with the France Casino in negotiating a merger with their rival Carrefour to the Brazil without informing his partner, said Saturday.
After newspapers reported that Diniz is in talks with his French rival of the Casino, Carrefour (CARR.)(PA) to merge, Diniz and investment bank local BTG Pactual is presented this week with a plan to combine the local assets of the Brazil the main of the two companies of retail.
Casino (CASP).(PA), the majority shareholder of Pao de Acucar (PCAR4.)(SA) - major retailer of the Brazil - commenced arbitration against Diniz for violation would have a clause in their contract of partnership by informing does step Casino of its negotiations with Carrefour to merge.
In the interview with Veja, Diniz said he did not violate the terms of the partnership and alluded to a possible line of defense in arbitration against the side of the Casino of the argument.
"The fact is that I saw the opportunity to purchase the part of (Carrefour) operations." I presented this idea to my partner, Jean-Charles Naouri Casino, "said Diniz. "I spoke with him on this subject in December at breakfast (hotel) George V in Paris, but he was not interested."
It was the last time that Naouri and he met, he said. Months later, Diniz says that he was surprised by the leak of information on its negotiations with Carrefour.
Casino of Paris-based spokesman not responded to calls for comment. The representative of the press to the Diniz holding company made no further comment interview Veja.
"Last week, I went to Paris to try to meet and to present the terms of the proposal." I waited around 28 hours, late Sunday to Tuesday morning, but it did not meet, "he says.
But Diniz also stated that he had his first meetings with intersection controllers, two years ago.
"The opportunity to contribute to the resumption of the society attracted a me lot", he said. "I have a huge satisfaction for the company." In 1967, I went to France and had the chance to meet Marcel Fournier, the founder of crossroads. I have copied a lot of what they have done. »
(Reports by Reese Ewing and Guillermo Parra-Bernal;) (Editing by Xavier Briand)
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