Magazine Luiza, one of the biggest Brazilian retailer, obtained approval from Brazil’s national monetary council (CMN) to expand foreign investors participation up to 25% in its financial company, Luizacred.
With this approval, which still depends on President Lula’s agreement, the retailer itself gets close to an opening of capital on the stock exchange.
Luizacred is controlled by the retailer in partnership with Fininvest, a financial holding company from the Itaú Unibanco group. Since 2001, Magazine Luiza has the American fund Capital Group between its shareholders, participating with 12% of its capital.
(With information from Folha de S. Paulo)
