Brazilian investor Tanure to name one GPA board member instead of three, source says
By Luciana Magalhaes and Patricia Vilas Boas
May 5 (Reuters) - An investment fund controlled by Brazilian investor Nelson Tanure is expected to appoint just one member to the board of retail chain Grupo Pao de Açucar (GPA) at a shareholder meeting on Monday, a source with knowledge of the matter told Reuters.
Tanure, who now owns about 7% of GPA's (PCAR3.SA) shares, had requested the removal of the previous board of directors earlier this year and election of new members, including three representatives appointed by him.
However, other groups of investors who were not represented on the board decided to appoint members to the board as well, diluting support for Tanure's appointees, the source added.
As a result, Tanure was expected to withdraw the names of two other people he had nominated.
Tanure declined to comment.
GPA did not immediately respond to a request for comment.
Last year, Tanure acquired GPA shares on the market and has since been interested in buying additional securities from French group Casino, as Reuters reported in March.
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