By Rogerio Jelmayer
SAO PAULO--The family of Brazilian billionaire Abilio Diniz sold
a total of 1.2 billion Brazilian reais ($543 million) in shares of
the country's largest retailer in terms of revenue, Companhia
Brasileira de Distribuicao (PCAR4.BR), or CBD.
Mr. Diniz family sold a lot of 11.49 million shares of CBD on
the Sao Paulo stock exchange during Monday's session, the exchange
said. In May, Mr. Diniz sold another portion of his shares in CBD
for BRL825 million.
After the sale, the Diniz family still holds a total of 4
million shares of CBD, according to local media. CBD's shares
closed Monday down 2.08% at BRL103.90.
In June 2012, French retailer Groupe Casino (CO.FR) took control
of CBD, after a fierce dispute between Mr. Diniz, then the chairman
of CBD, and Casino's CEO and owner, Jean-Charles Naouri.
Mr. Diniz and Mr. Naouri have had open conflicts in recent years
after Mr. Diniz attempted to back out of a 2005 deal to hand over
the control of GPA, founded by his family. The relationship between
both businessmen deteriorated even more after Mr. Diniz attempted
in 2011 to merge CBD with the Brazilian unit of Casino's rival in
France, Carrefour SA (CRRFY, CA.FR).
In September 2013, Mr. Diniz step down as chairman of the CBD
and a few days later was elected the chairman of Brazilian food
company BRF Brasil Foods SA.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com