Brazilian Grocer to Repurchase Shares

The board of Brazilian grocer Companhia Brasileira de Distribuicao has approved a buyback program of up to 3m shares. The program will be in place for the next 90 days and targets about 3% of CBD’s total float. Shares of the holdco for the Pao de Acucar supermarket chain closed at BRL29.09 Monday. CBD’s chairman was on the tape at the start of the year saying he had cash and is looking to acquire.