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France's Casino considers sale of GPA unit in Brazil, newspapers say

·1 min read

RIO DE JANEIRO, June 22 (Reuters) - French retail group Casino Guichard Perrachon is considering selling its roughly 41% stake in GPA, a major food retailer in Brazil, two major Brazilian newspapers reported late on Tuesday.

Paper O Estado de S. Paulo, citing sources familiar with the matter, reported that Casino had hired Brazilian investment bank BR Partners to sell its stake in GPA.

Newspaper Valor Economico, citing one source, said Casino was considering the GPA sale, but that it had not hired any banks or advisors. The paper said Casino has been considering such a sale for a significant period of time, but that any operation would depend on the interest of potential buyers.

GPA, Casino and BR Partners did not immediately respond to requests for comment on Tuesday morning.

GPA told Valor and O Estado de S. Paulo that it "does not have any information regarding the subject." Casino declined to comment to both the papers.

Casino has reorganized its Latin American assets in recent months in order to improve governance and simplify the structure of its business in the region.

Earlier in June, Reuters reported that GPA was considering spinning off its Colombian Almacenes Exito SA unit.

(Reporting by Gram Slattery in Rio de Janeiro and Paula Laier in Sao Paulo, editing by Louise Heavens)