By  on July 4, 2011

PARIS — The board of Carrefour SA has approved a strategic partnership proposal that would create Brazil's largest retailer by merging its assets in the South American nation with those of Companhia Brasileira de Distribuição (CBD).

Carrefour, the world's second largest retailer after Wal-Mart Stores Inc., said it received the proposal from Gama, a company owned by an investment fund managed by BTG Pactual, one of Brazil's leading financial groups.

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