Reuters published that the French retailer Carrefour SA (CARR.PA) hired two investment banks to prepare an initial public offering for its Brazil unit. The listing of its operations, including hypermarket brand Carrefour and wholesale brand Atacadão, should begin in earnest in January, according to the report, which did not indicate how the information was obtained.
Carrefour is the second-biggest retailer in Brazil and its local operations are worth an estimated 15 billion reais ($6.8 billion), Exame reported, based on revenue of 31.4 billion reais last year.
Carrefour hired the investment banking unit of Credit Suisse Group and Itaú BBA, a unit of Brazil’s biggest bank, Itaú Unibanco Holding SA (ITUB4.SA) for the preparations, according to Exame. Through its press office, Itaú BBA denied the report.
Representatives for Credit Suisse Group could not immediately be reached on Thursday evening.
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