Reuters: Regulatory News: UPDATE 1-Brazil okays Casino takeover of Pão de Açúcar

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UPDATE 1-Brazil okays Casino takeover of Pão de Açúcar Jul 4th 2012, 15:12 Wed Jul 4, 2012 11:12am EDT * French group took helm of Brazil's No.1 retailer in June * Vale and Petrobras get approval to mine potash in Sergipe * Antitrust regulator okays General Mills takeover of Yoki SAO PAULO, July 4 (Reuters) - France's Casino received regulatory approval on Wednesday to take control of Brazil's largest retailer, Grupo Pão de Açúcar, in a marathon session at Brazilian antitrust regulator Cade. Casino Chief Executive Jean-Charles Naouri took the helm last month of the holding company controlling Pão de Açúcar and appointed a majority of the Brazilian retailer's board. Cade's board unanimously approved the handover. The Brasilia-based regulator also approved an accord between mining giant Vale and state oil producer Petrobras , the nation's two largest companies, to mine potash in the northeastern state of Sergipe. Vale operates the Taquari-Vassoras potash mine in Brazil's Sergipe State under an accord first signed in 1991 with the mine's owner, Petrobras. Brazil's government has moved to increase local control and production of potash, a form of potassium used as fertilizer, to reduce dependence on imports, which make up 90 percent of potash in the country. Brazil, the world's No. 2 soybean producer, largest coffee and sugar producer and biggest beef producer requires large amounts of potash to supplement its nutrient-poor soils and boost crop yields. In the same session, Cade unanimously approved the takeover of local food processor Yoki by General Mills Inc. Link this Share this Digg this Email Reprints

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