By Pierre Bertrand

Carrefour raised its offer for the remaining shares of its Brazilian subsidiary to $1.04 billion as it seeks to take the unit private.

The French grocer, which owns 67.4% of Carrefour Brazil, said Friday that it is offering minority shareholders three improved options in exchange for their shares. In February, it offered a total of $919.5 million for the shares it didn't already own.

Carrefour said it its now offering to pay 8.50 Brazilian reais ($1.51) in cash for each Carrefour Brazil share, up from 7.70 reais previously.

Alternatively, it is offering one Carrefour share for each 9.96 Carrefour Brazil share, up from 1 Carrefour share for every 11 shares in the subsidiary.

It increased its third option to 4.25 reais in cash for each Carrefour Brazil share plus one Carrefour share for every 19.92 Carrefour Brazil shares, compared with 22 previously.

These options represent Carrefour's best and final offer, it said.

The group said in February that it intends to delist the Brazilian unit from the Sao Paulo Stock Exchange.

"This new proposal reflects the group's continued confidence in the long-term prospects of Carrefour Brazil," the company said.

The improved plan will be submitted for approval at a new general meeting to be convened in the coming days. The company said that the meeting originally set for April 7 has been cancelled.

Carrefour said it still expects the transaction to be completed before the end of the second quarter.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

April 04, 2025 02:27 ET (06:27 GMT)

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