Bloomberg – Brazilian hedge funds doubled bets that shares of retailer Cia. Brasileira de Distribuicao Grupo Pao de Acucar will decline on speculation a proposed merger with Carrefour SA (CA)’s unit in Brazilmay fail to win approval.
Pao de Acucar stocks on loan, an indication of short selling, rose to 6.957 million shares, or 496.3 million reais on July 1, from 2.69 million shares, or 176.4 million reais on June 27, before the merger announcement, according to Brazil’s clearing and depositary corporation. The average daily volume over the past 12 months was 963,566 trades, according to Bloomberg data.
