KLEIN FAMILY STARTS OFF THE CASAS BAHIA

The Klein family, founder of Casas Bahia, started the move to withdraw from business, to communicate the offer of part of its shares Via retail-company of the company and also cold and online sales-on the São Paulo Stock Exchange (Bolsa de Valores de São Paulo). The transaction can exceed the value of $ 2 billion.
This will be the first step towards the family departs the company founded in São Caetano in 1952 and which was sold to the CBD (Companhia Brasileira de distribution)-holding company of grupo Pão de Açúcar-in 2010, according to one of the banks participating in the operation.
Before that decision, Klein tried to raise money in the market and to join the French Casino, Pão de Açúcar, to recover the network, leaving the influence of businessman Abilio Diniz, who became disaffected.
Minority interest in Via retail, they currently have 47% of this company, and now, with the public offering of 53 million shares, which represent 16% of the share capital, will reduce its stake to 31%. The operation should also provide for a capital increase, still undefined, Via retail, aiming to capitalize it to compete in the non-food retail.
TUMULTUOUS-the path of rapprochement between the Casas Bahia and the Pão de Açúcar group started in 2009, when the companies announced (in December) the creation of the new Casas Bahia, which initially seemed to make sense to the families Klein-interested in winning scale to accelerate the store expansion plan by Brazil-and also to Abílio Diniz, at the time owner of Pão de Açúcar, which took majority control.
However, a few months later came the public tension between the two groups retailers. The main complaint had financial base. The Klein family understood that its assets had been understated. After long and intense negotiations, contracts were redone, but the situation was far from quiet.
To the Chairman of the Board of the Sample (Retail Management program), University of São Paulo, Claudio Angelo Felisone, the family felt in less comfortable situation after the acquisition by the Pão de Açúcar and should have realized it would be more interesting to sell their shares. The expert believes that the family will not generate significant impact on the results of the retailer, who had professional management in recent years.