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(Bloomberg) -- French grocer Carrefour SA is exploring a take-private of its Brazilian subsidiary Atacadao SA, according to people familiar with the matter.

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The Paris-listed company has been working with advisers on a potential deal to acquire the Atacadao shares that it doesn’t already own, said the people, who asked to not be identified because the information is private.

Shares of the Brazilian unit, which went public in 2017, jumped as much as 13% Tuesday in trading in Sao Paulo. When trading was halted, the stock were up 9.8% to 7.08 reais a share, giving the company a market value of about 14.9 billion reais ($2.59 billion).

Carrefour owns nearly 70% of Atacadao, also known as Carrefour Brasil, according to data compiled by Bloomberg. No final decisions have been made and Carrefour could opt against pursuing a deal, the people said.

Representatives for Carrefour and Atacadao didn’t immediately respond to queries.

Bloomberg News reported in November that Carrefour was in the early stages of studying ways to boost its valuation, more than three years after Alimentation Couche-Tard Inc. abandoned talks to merge with the company.

--With assistance from Pamela Barbaglia, Angelina Rascouet and Michelle F. Davis.

(Updates with share gain in third paragraph)

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