November 28, 2016 / 3:51 PM / 3 years ago

Brazil's GPA says sale of Via Varejo stake only strategic option

SAO PAULO, Nov 28 (Reuters) - GPA SA, Brazil’s largest retailer, has ruled out any alternative to selling its controlling stake in appliances retailer Via Varejo SA , the company said on Monday, denying comments from a Via Varejo executive.

Via Varejo’s head of investor relations Alexandre Gonçalves had told investors earlier on Monday that GPA had alternatives if a deal falls through, without elaborating. In its statement to Reuters, GPA said the company has authorized management to execute the sales plan involving Via Varejo. “Other options were ruled out,” GPA said in its statement. (Reporting by Ana Mano; Editing by Chizu Nomiyama)

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