{"id":92922,"date":"2025-02-07T11:32:38","date_gmt":"2025-02-07T14:32:38","guid":{"rendered":"https:\/\/murray.adv.br\/?p=92922"},"modified":"2025-02-07T11:32:40","modified_gmt":"2025-02-07T14:32:40","slug":"peninsula-explores-sale-of-carrefour-stake-in-brazil","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/peninsula-explores-sale-of-carrefour-stake-in-brazil\/","title":{"rendered":"Pen\u00ednsula explores sale of Carrefour stake in Brazil"},"content":{"rendered":"\n<h6 class=\"wp-block-heading has-text-align-center\"><strong><em>Block trade seen as likely option over share offering<\/em><\/strong><\/h6>\n\n\n\n<p><\/p>\n\n\n\n<p>02\/07\/2025 <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Carrefour Brasil reported net income of R$221m in the third quarter of 2024, up 67.4% year over year<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p>Pen\u00ednsula, the investment vehicle of the Diniz family, is in talks with banks to sell its 7.3% stake in Carrefour Brasil but has yet to select a lead advisor. With the retailer\u2019s market capitalization at R$13.6 billion, the Diniz heirs\u2019 stake is valued at R$992.8 million.<\/p>\n\n\n\n<p>A block trade\u2014the full sale of the stake in a single transaction\u2014appears to be the preferred approach given the size of the position, the stock\u2019s liquidity, and the success of similar deals in the current market, according to sources familiar with the matter.<\/p>\n\n\n\n<p>Pen\u00ednsula is also one of the largest shareholders of the Carrefour group listed in Paris, holding an 8.83% stake worth approximately \u20ac812.4 million based on the company\u2019s current \u20ac9.2 billion market cap. Carrefour\u2019s shares have declined 17.4% over the past year on the Paris exchange.<\/p>\n\n\n\n<p>Since the European stock is more liquid, Pen\u00ednsula may prioritize selling its stake in the French parent company first, though the final decision will depend on market conditions.<\/p>\n\n\n\n<p>Abilio Diniz first acquired a stake in the French-controlled retailer in 2014 after a dispute with Jean-Charles Naouri, then head of Casino, over GPA. Mr. Diniz attempted to renegotiate the terms of GPA\u2019s sale and even proposed merging P\u00e3o de A\u00e7\u00facar\u2019s operations with Carrefour in Brazil, but the plan fell through.<\/p>\n\n\n\n<p>In 2018, Pen\u00ednsula reduced its position in Carrefour Brasil, then valued at R$31 billion, from 11.46% to 8.91% through a R$805 million block trade on the B3 stock exchange. Today, the company is worth R$13.5 billion, with its shares down 41.72% over the past 12 months but up 18.04% year-to-date. The investment firm\u2019s intention to sell its stake was first reported by O Globo columnist Lauro Jardim.<\/p>\n\n\n\n<p>Pen\u00ednsula executives hold three of the 13 seats on Carrefour Brasil\u2019s board of directors. Mr. Diniz previously served on Carrefour\u2019s board in France before being replaced by Eduardo Rossi, who also represents Pen\u00ednsula on the Brazilian board.<\/p>\n\n\n\n<p>In Brazil, Carrefour operates the Atacad\u00e3o wholesale chain, Sam\u2019s Club, Carrefour Hiper, Carrefour Bairro, Nacional, Super Bompre\u00e7o, and Carrefour Express. It has also expanded into other segments with Carrefour Drogarias, Carrefour Posto, real estate arm Carrefour Property, and financial services through Banco Carrefour.<\/p>\n\n\n\n<p>The planned stake sale could put additional pressure on Carrefour Brasil\u2019s already discounted shares. Analysts at J.P. Morgan noted in a late-January report that Pen\u00ednsula\u2019s stake is equivalent to roughly nine days of average trading volume.<\/p>\n\n\n\n<p>Carrefour Brasil is currently trading at a price-to-earnings (P\/E) ratio of 7 times its projected 2025 earnings. J.P. Morgan maintains a neutral rating on the stock with a price target of R$11.50, implying an 85% upside from its current level of R$6.23.<\/p>\n\n\n\n<p>In the third quarter of 2024, Carrefour Brasil reported net income of R$221 million, up 67.4% year over year, driven by cost reductions, synergy gains, and operating leverage from sales growth. However, its EBITDA margin remained stable at 5.7%. The group has been working to improve margins at Atacad\u00e3o by expanding its B2C offerings, adding in-store services such as bakeries, butcher counters, and deli sections.<\/p>\n\n\n\n<p>When contacted, Pen\u00ednsula stated that it \u201cdoes not comment on market rumors.\u201d<\/p>\n\n\n\n<p><em>The\u00a0<\/em><a class=\"\" href=\"https:\/\/pipelinevalor.globo.com\/negocios\/noticia\/peninsula-sonda-bancos-para-venda-de-fatia-do-carrefour-no-brasil.ghtml\"><em>original story in Portuguese<\/em><\/a><em>\u00a0was first published on Valor\u2019s business news website, Pipeline.<\/em><\/p>\n\n\n\n<p>*By\u00a0Silvia Rosa, Pipeline\u00a0\u2014 S\u00e3o Paulo<\/p>\n\n\n\n<p>Source: Valor International<\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Block trade seen as likely option over share offering 02\/07\/2025 Carrefour Brasil reported net income of R$221m in the third quarter of 2024, up 67.4% year over year Pen\u00ednsula, the investment vehicle of the Diniz family, is in talks with banks to sell its 7.3% stake in Carrefour Brasil but has yet to select a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[25860,25861],"class_list":["post-92922","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-peninsula","tag-sale-of-carrefour-stake-in-brazil"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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