Grupo Pão de Açúcar (GPA) confirmed in a filing with the Brazilian securities regulator that the Coelho Diniz family now owns 24.6% of its common shares.
With this stake, the family requested an extraordinary general meeting to dismiss the entire board and elect new members. GPA stated that its current directors unanimously support calling the meeting within the legal timeframe.
The five family members — André Luiz, Alex Sandro, Fábio, Henrique Mulford, and Helton Coelho Diniz — said they want board representation proportional to their stake. They pledged to nominate technically qualified candidates to meet GPA’s challenges.
The family controls Coelho Diniz Supermercados, a Minas Gerais chain with about 22 stores in six cities. Their entry into GPA highlights how a regional group is gaining leverage in a national retailer.
The company’s filings show 490,392,036 common shares outstanding. At 24.6%, the family holds around 120.6 million shares. GPA also confirmed that the meeting will fill two fiscal council vacancies created by recent resignations.
A key detail could shape the next steps. GPA’s bylaws historically required a tender offer if an investor exceeded 25%. In July, GPA said it would submit removal of this rule to shareholders, but its current status remains unclear until the meeting notice.
The family’s move follows a year of governance changes, including a board reshuffle in May and growing influence from other investors. Former controller Casino reduced its role in 2024, leaving GPA open to new shareholder blocs.
The market has reacted strongly to these disclosures. On July 16, GPA shares jumped about 10% after the family revealed a 17.7% stake. Investors continue to treat ownership structure as a decisive factor in GPA’s outlook.