July 24, 2019 / 11:00 PM / 4 months ago

Brazil retailer GPA begins proceedings to convert preferred into common shares

SAO PAULO, July 24 (Reuters) - Brazilian retailer GPA SA said in a securities filing on Wednesday that its board approved plans to prepare for the conversion of all its preferred shares into common shares, the first step to migrate GPA’s listing to Brazilian stock exchange segment Novo Mercado.

GPA also said it will request authorization from regulators in Colombia for a tender offer to acquire shares in Almacenes Exito SA, the Colombian unit of GPA parent Casino Guichard Perrachon SA, for 18,000 pesos per share. It also said that Casino Guichard is expected to buy GPA shares owned by Exito for around 109 reais per share. (Reporting by Tatiana Bautzer Editing by Leslie Adler)

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