Brazilian billionaire Abilio Diniz, who built an empire in the supermarket retail sector, died on Sunday in Sao Paulo, according to his press office, Paralel.Az reports citing Reuters.

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 (CRFB3.SA), opens new tab and as a board member of the French group Carrefour (CARR.PA), opens new tab.

In the late 1950s, he co-founded Pao de Acucar (PCAR3.SA), opens new tab, 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 (CASP.PA), opens new tab in 2012.
Diniz remained with the company he founded until 2013, when he took over as chairman of Brazilian food processor BRF (BRFS3.SA), opens new tab, 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.