BRASILIA (Reuters) – Brazilian billionaire Abilio Diniz, who built an empire in the supermarket retail sector, died on Sunday in Sao Paulo, according to his press office.
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The 87-year-old had been hospitalized at the Albert Einstein Hospital and suffered respiratory failure due to pneumonitis, his press office said in a statement.
Diniz played a pivotal role in the history of Brazilian retail, serving most recently as vice-chairman of Carrefour Brasil and as a board member of the French group Carrefour.
In the late 1950s, he co-founded Pao de Acucar, which grew into the country’s largest supermarket chain. After a series of mergers and acquisitions, its control passed into the hands of France’s Casino in 2012.
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Diniz remained with the company he founded until 2013, when he took over as chairman of Brazilian food processor BRF, where he served for five years.
In 2014, Diniz acquired a stake in Carrefour Brasil through his private investment company Peninsula.
Last year, Forbes estimated his net worth at $2.4 billion.
(Reporting by Marcela Ayres; Editing by Chris Reese)
-TheStar