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Casino Group Press Release
Casino discovered the financial transaction released by Carrefour, involving CBD, the Brazilian company in which it is the largest shareholder and that it co-controls with Abilio Diniz. Casino has acquired in 2005 from Abilio Diniz and his family the right to become the sole controlling shareholder in 2012.
Contrary to the terms of the press release, it is not a spontaneous proposal from Gama, a financial investment vehicle, but a long-standing illegal planned financial transaction between Carrefour and Abilio Diniz.
This announcement confirms that illegal and secret negotiations were conducted and are ongoing. Indeed, in consideration of the public agreements Casino signed with Abilio Diniz, no negotiations involving the future of CBD can occur without Casino.
Initially, Casino reminded this obligation to Abilio Diniz and to Carrefour. Despite this reminder, they continued these discussions, deliberately ignoring both the law and fundamental business ethics.
This project concerns CBD in the first place, has never been discussed with CBD before being released, which presents an obvious hostile nature.
In the next few days, Casino will examine how to best defend the corporate interests of CBD and its shareholders, which seem threatened by this very complex and financial driven project.
Finally, Casino recalls that it has the authority to oppose this project according to the existing agreements and that no negotiations regarding the future of CBD can be conducted without his consent and without prior discussion of this project at the Board of Directors of Wilkes, the holding company controlling CBD.