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.

The board estimated the merger would lead to full-year synergies of 600 million euros to 800 million euros, or $871 million to $1.16 billion, and significantly increase Carrefour’s exposure to growth markets, which would account for more than 40 percent of its consolidated sales in 2013.

The proposed deal has raised strong objections from rival French supermarket operator Groupe Casino, which has signed a pact with the Diniz Group, its partner in Brazil’s top retailer Pão de Açúcar, under which Casino has the right to become sole shareholder of CBD in 2012.

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