July 8, 2016 / 6:02 AM / 2 years ago

Diniz says not seeking bigger Carrefour stake - paper

PARIS, July 8 (Reuters) - Brazilian billionaire Abilio Diniz, Carrefour’s third-largest shareholder, said he had no plans to increase his 8.05 percent stake in the French retailer, Les Echos reported.

“I do not think it is necessary to do more,” Diniz told the French business daily, adding that the stake was “already a significant investment” for his company.

“It is very important to stay below the Moulin family and Groupe Arnault,” he said. “What matters is for the company to have two or three core shareholders.”

Carrefour shareholders voted in May to grant a board seat to Diniz. The Moulin family, owner of French department store chain Galeries Lafayette, is Carrefour’s largest shareholder with a 11.51 percent stake, followed by Groupe Arnault with 8.95 percent.

Diniz also purchased a 10 percent stake in Carrefour’s Brazilian unit in late 2014, lifting it to 12 percent the following year, with a further option to increase the holding to 16 percent over five years. (Reporting by Dominique Vidalon; Editing by Laurence Frost)

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