French retailer Casino has raised its stake in Brazil’s largest retailer Companhia Brasileira de Distribuiçao to 37% after buying 3.3% of the company’s shares on the market.

Companhia Brasileira de Distribuiçao is jointly controlled by Casino and the Diniz family through a 50:50 joint venture holding company called Wilkes. A shareholder agreement signed by both gives Casino an option to buy the Diniz stake in 2012.

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