Sonae deal

SONAE DISTRIBUIÇÃO, owner of Continente and Modelo supermarkets, is closer than ever to buying Carrefour supermarkets in Portugal.

The Autoridade da Concorrência (AC), the national competition authority, has formally announced that it does not oppose the transaction.

In an official statement to Comissão do Mercado de Valores Mobiliários (CMVM), the national entity responsible for the regulation of stock markets, Sonae explains that the AC is however imposing a number of conditions to ensure that the company, which is owned by Belmiro de Azevedo, is committed to respecting the good functioning of the market.

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