>By: The Wall Street Journal
SEPTEMBER 10, 2009, 6:03 A.M. ET
SAO PAULO (Dow Jones)–Brazilian grocery chain Companhia Brasileira de Distribuicao (CBD), or CBD, said late Wednesday that it completed the acquisition of Globex Utilidades SA (GLOB3.BR), the majority owner of Brazilian retailer Ponto Frio.
In June, CBD said it would pay about 1.26 billion Brazilian reals ($688 million) to acquire Ponto Frio.
With the acquisition, CBD resumed its previous status as Brazil’s largest retailer, with annual revenue of BRL26 billion. The previous market leader was France’s Carrefour SA (CA.FR).
CBD is jointly controlled by the Diniz family of Sao Paulo, the chain’s founders, and by French retail company Casino Guichard-Perrachon SA (CO.FR). Its main competitors in Brazil include U.S. retail giant Wal-Mart Stores Inc. (WMT) and Carrefour.
In June, CBD said it would pay about 1.26 billion Brazilian reals ($688 million) to acquire Ponto Frio.
With the acquisition, CBD resumed its previous status as Brazil’s largest retailer, with annual revenue of BRL26 billion. The previous market leader was France’s Carrefour SA (CA.FR).
CBD is jointly controlled by the Diniz family of Sao Paulo, the chain’s founders, and by French retail company Casino Guichard-Perrachon SA (CO.FR). Its main competitors in Brazil include U.S. retail giant Wal-Mart Stores Inc. (WMT) and Carrefour.