SAO PAULO, Aug 5 (Reuters) - Brazilian antitrust agency Cade dismissed concerns that Abilio Diniz’s holdings in the local unit of French retailer Carrefour SA and food processor BRF SA pose a risk to competition.
Cade also ruled late on Tuesday that Diniz was not violating antitrust law by renting real estate to GPA SA, the family company that he expanded into Brazil’s biggest retailer before leaving in a shareholder spat with France’s Casino SA .
The decision clears questions hanging over Diniz after he raised his stake in Carrefour to more than 5 percent in an effort to gain a seat on the board.
Diniz is also chairman of and owns a 3 percent stake in BRF, which supplies processed foods to Carrefour in Brazil and is the world’s largest poultry producer.
GPA, which has said it is seeking to renegotiate several of its real estate contracts, continues to rent 67 store properties from the Diniz family. (Reporting by Brad Haynes; Additional reporting by Leonardo Goy in Brasilia; Editing by Lisa Von Ahn)