The family, owner of a chain of 22 supermarkets in the east of Minas Gerais, increased its stake in GPA (), the company that owns Pão de Açúcar and the Extra Mercado chain. The family’s stake rose from 24.6% to 25.1% of common shares. The information was released early this Friday evening by the company.
The increase in the holding share comes after the removal, on the 16th, of the “poison pill” clause from GPA’s bylaws. When there is this clause, relevant shareholders cannot exceed a certain level of participation without being obliged to make a takeover offer (OPA) for the remaining shares in circulation.
One day after the change, on the 17th, . The Casino Group, a French retail chain, holds another 20.3% of GPA’s share capital, while another 29% is in the hands of other participants not detailed.
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GPA requested extrajudicial recovery in March, and the plan to reprofile the debt was approved in early May. The value of the debt, at the time, was R$4.5 billion.
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According to the approved plan, GPA will cut its debt by more than 50%. In a statement, the group said that “the plan celebrated on this date will allow for a structured solution to the company’s financial challenges, simultaneously addressing short-term liquidity and long-term financial sustainability.”,
The approved plan provides for debt restructuring and the issuance of debentures, in addition to financing of up to R$200 million. There was also an extension of debt maturity.
Founded in 1948 and present throughout the country, the group has 37 thousand direct employees. In addition to the Pão de Açúcar, Minuto Pão de Açúcar and Pão de Açúcar Fresh chains, GPA also controls the Extra and Mini Extra brands. The group also has its own brands of products sold in its stores, such as Qualitá, Taeq, Pra Valer and Club des Sommeliers.
