Brazilian Food Retailer Plans Acquisitions

01-08-2009

Brazil’s largest food retailer, Cia Brasileira de Distribuicao Grupo Pao de Acucar, is planning acquisitions in the country, Bloomberg reports. The company has created a mergers and acquisition unit, supported by Banco Itau, and is considering over 15 deals within the nation.

It has $626 million in cash and will invest about $460 million this year. It is interested in acquiring gas stations, drug stores and other retailers. It also plans to build around 100 new stores and invest in logistics and IT.

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