June 14, 2019 / 3:15 PM / a year ago

Brazil's Via Varejo shares down after sale of GPA's controlling stake

SAO PAULO, June 14 (Reuters) - Shares in Brazilian appliances and electronics retailer Via Varejo SA were trading 0.4% down on Friday at 5.02 reais, after controlling shareholder Grupo Pão de Açúcar (GPA SA) sold its 36% stake in an auction earlier in the day.

The stocks were sold at 4.90 reais, above the minimum price of 4.75 reais accepted by GPA, biggest unit of Casino Guichard Perrachon SA CASP.PA outside of France, according to a broker, who asked not to be named. “The biggest buyer was represented by XP”, he added. Via Varejo’s second largest shareholder, retail veteran Michael Klein, hired XP Investments as advisor for the transaction. (Reporting by Aluisio Alves; Writing by Gabriela Mello Editing by Chizu Nomiyama)

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