GPA shareholders Casino, Iabrudi back Tanure's bid to replace board
SAO PAULO, April 1 (Reuters) - Brazilian retailer GPA's PCAR3.SA shareholders Casino CASP.PA and Ronaldo Iabrudi support the proposal presented by investment fund Saint German to remove the current board of directors and elect new members, GPA said on Tuesday.
Saint German, which is controlled by Brazilian investor Nelson Tanure, asked on Sunday for a general meeting to establish a nine-member board, including three representatives appointed by Tanure. The Brazilian retailer has agreed to call the meeting.
Casino indirectly holds 22.5% stake in GPA, while Iabrudi has a stake of about 5.5%, a GPA filing showed.
Last year, Tanure acquired enough GPA shares on the market to become its second-biggest individual shareholder. He was also considering purchasing additional securities from Casino.
In a statement to Reuters on Sunday, Tanure, who is known for investing in companies facing restructuring processes, said he wants to reduce GPA's indebtedness through several strategies, including selling non-core assets, evaluating and prioritizing investments, and optimizing its cash flow.
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