Rafael Russowsky: So this topic is a bit tricky because I cannot tell you much more than we have already told you in the Material Fact conference. So what we said is that an offer should be made to ADRs and to shares, an offer in Colombia and one in the U.S. And we expect to be able to have this offer by the end of the year. That’s the information we shared in our Material Fact conference. So the concrete information I can give you is about the main steps of an offer process within the context of our Colombia process. So we expect the buyer to request authorization from the regulators. And once the regulators analyze and approve the offer, the offer is presented and deposited and then the tender period starts. And just like in Brazil, in other markets, when the tender period starts or better saying, it can only start when the buyer has the funds and the cash and warranties necessary to complete the offer.
So once the tender period is open, it will last 30 days. Then after those 30 days, then the offer is settled a few days later. So this is the whole process, and we expect it to be completed as we said in our Material Fact call by the end of the year.
Operator: Our next question is by Irma sell-side analyst at Goldman.
Irma Sgarz: I would like to hear your take on consumer behavior in the different store formats because you have the advantage of reaching different audiences. So you have already commented that deflation help to recover volumes in perishables mainly. But now looking ahead to the end of the year, what do you see in terms of consumer behavior in the different brands? And I know it’s hard to project, but what is your vision on inflation or deflation of food items? And what are the moments that you are taking into account during the crop season or planning? And just another clarifying question. If you had more flexibility in the balance sheet, would you be interested in opening more stores in the Pão de Açúcar full format? Or you want to be more selective, even if you had more flexibility there from the investment side and in terms of leverage as well?
Marcelo Pimentel: Thank you, Irma, for your question. About consumer behavior, so starting with the first part of your question. We benefit from having the greatest loyalty program in Brazil. And this gives us a close contact with consumer, and we can have an eye on their behavior. When it comes to premium consumers, we have seen an enhancement in the share of perishables. And at Pão de Açúcar, this has already exceeded 50% of the total sales in this format. So more than 50% coming from perishables, which is really important for us because perishable means loyalty, and we have gained market share in all perishable segments. We have the best baker in the market, the best butchery department. And this has achieved strong double-digit growth, and we expect it to remain like that.
We have been investing a lot in the relationship with our suppliers, and we have also invested a lot in training of our staff to make sure that the experience will be — will continue. Amazing. Now about deflation, we know that commodities impact deflation rates. And the advantage of the premium brands is that they are less impacted by this category. But there is an important point here. Since we started the turnaround process, one of the points that we identified back then was that Pão de Açúcar customers were coming to our stores, our Pão de Açúcar stores, just to buy indulgency categories. They would not buy the whole basket in those stores. They went somewhere else for commodities and perishables. But in our commercial team, the marketing team and the operation teams have been working really hard to give us the opportunity to work on ideal assortment and pricing, making sure these customers will buy other categories as well.
