SAO PAULO (Reuters) – The board of Brazilian retailer Via Varejo is proposing to its shareholders the removal of a clause in its bylaws demanding a tender offer to all shareholders if an investor buys a stake larger than 20 percent.

In a securities filing, Via Varejo said the change in the clause, commonly known as a defense from takeovers, is “positive” for the company. Via Varejo, a subsidiary of Brazil’s Grupo Pão de Açúcar (GPA) controlled by France’s Casino Guichard Perrachon SA, has been on the block since November 2016.

GPA currently holds a 36.27 percent stake in Via Varejo and expects to find an strategic buyer for the retailer by year end.

Reporting by Gabriela Mello; editing by Diane Craft

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