GPA Announces sale of stake in Via Retail

The French retailer Casino, owner of the GPA (Grupo Pão de Açúcar), announced on Wednesday (23), which initiates a process for disposal of interest held in Via retail, company that brings together the business of Casas Bahia and Pontofrio networks. Currently, the GPA controls Via retail with 62.6% of the shares voting. Second fact, the Board of GPA presented studies on strategic alternatives for the company''s investment in Via retail. "Among the various alternatives analyzed, those that result in alienation of interest held in Via Retail are more advantageous for the company right now and are in line with its long-term strategy of focusing on the development of the food industry", stated in the document.
Results of Via Via Retail Retail has pressed the results of GPA since the beginning of the year. In the first quarter of 2016 the company''s net profit reached 3 million R$, a 98.7% drop compared to the same period in 2015, when reached 239 million R$. Meanwhile, in the second quarter of the year, the company registered an increase in second-quarter injury to R$ 89 million compared to negative one year before R$ 9 million. In the third quarter, the company had a loss of 90 million R$, representing 91.5% high on injury of the same range of 2015, when recorded 47 million R$. The net financial result of the company was negative at R$ 160 million, 131.9% greater than the result also negative to R$ 69 million in the third quarter of 2015.
CNOVA integration in early November, the GPA announced the integration of e-commerce business operated by Cnova Brazil, which had ceased to exist, to business Via retail, who went on to command the commerce activities of the flags '' Casas Bahia '', '' cold spot '' and '' Extra ''. The integration enables "give beginning to the implementation of the measures required to capture the synergies expected as a result of the integration of these activities at retail activities in physical stores developed by Via Retail," said the company in a document. The movement was being studied since May this year.