SAO PAULO, June 4 (Reuters) - Brazilian retailer Grupo Pao de Acucar said Wednesday its board, along with other subsidiaries of the French retailer Casino, approved a plan to merge their e-commerce units, which would have combined annual sales of $4.9 billion.
Reuters reported in May that Casino Guichard Perrachon & Cie hired Morgan Stanley & Co and JPMorgan Chase & Co to list its global e-commerce business spanning from Brazil to Thailand as the group faces competition from U.S. giant Amazon.com Inc and Chinese rival Alibaba IPO-ALIB.N.
Brazilian retail chains Via Varejo, Casas Bahia, Extra and Ponto Frio, as well as Colombia’s Exito are expected to make up the bulk of the sales on the electronic sales platform, Pao de Acucar said in a local market filing Wednesday.
A date for the IPO has not been disclosed. (Reporting by Reese Ewing; Editing by Steve Orlofsky and Ken Wills)