Venezuela agreed to pay Casino Guichard-Perrachon SA $690 million for an 81 percent stake in the Saint-Etienne, France-based company’s local supermarkets, said
President Hugo Chavez seized 41 Casino-run stores on Feb. 15, accusing them of illegally raising prices after a devaluation of the bolivar the previous month.
Chavez commandeered six Exito brand retail stores and 35 Cada brand supermarkets operated by Casino’s Cadenas de Tiendas Venezolanas SA local unit, and converted them into a state-run chain known as Abastos Bicentenarios.
Casino will keep a 19 percent stake in the business, Jaua said today on state television.
Sales at Casino’s supermarkets have totaled 2.38 billion bolivars ($550 million) since the state takeover, Jaua said. In October, sales increased 47 percent from the same month last year, he added.
“It’s a demonstration that when you sell cheaply, you sell more,” Jaua said. “It’s a lesson to capitalists.”
To contact the reporters on this story: Charlie Devereux in Caracas at This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Corina Rodriguez Pons at This e-mail address is being protected from spambots. You need JavaScript enabled to view it
To contact the editor responsible for this story: Joshua Goodman at This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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