Casino Files Arbitration over GPA

French retail group Casino filed for arbitration with Abilio Diniz, chairman of Grupo Pao de Acucar (GPA), over reports of possible merger negotiations between the Brazilian retailer and Groupe Casino. GPA issued a statement last week on the Brazilian stock exchange denying reports it is in talks with Carrefour’s rival. Casino owns around a 28.9% stake in the ordinary and preferred shares of Acucar, through both its direct investment and through Wilkes, a jv between Casino and Diniz. Diniz and his family own 32.7% of the ordinary and preferred shares, with the rest trading on the stock exchange. Acucar has a market cap of around BRL16.2bn ($9.8bn).