Atacadao Investors Approve Acquisition by Parent Carrefour (1)

Atacadao SA’s investors approved an acquisition by parent company Carrefour SA in a contentious vote that included opposition from some investors and one prominent proxy adviser.

The Brazilian retailer announced on Friday that the proposal was approved, without detailing the vote count. Atacadao generated roughly $116 million reais (about $20 million) in sales last year.

The impetus for Carrefour to acquire Atacadao came late last year. That’s when the company was reported to be in the early stages of studying ways to boost its valuation, after Canada’s Alimentation Couche-Tard Inc. abandoned merger talks with the company in 2021.