Carrefour SA (CRRFY) shares rose the most in at least a month Wednesday after Europe's biggest retailer said it took steps that may lead to the sale of its Brazilian business through a initial public offering.

Atacadao SA, the parent of Carrefour's Brazilian operations, filed a preliminary prospectus with authorities that could see its shares floated on the Novo Mercado, the company said.  Carrefour said the listing of it Brazilian operations was a 2016 "priority" for the group when it published its full year results in early March.

Carrefour's operating income in the Latin American region increased by 3.7% last year to €711 million ($795 million), according to its published annual report, to as "Brazil posted a very good performance, with a marked improvement in profitability, illustrating the strength of Carrefour's multi-format model there."

Atacadao had sales of €12.472 billion last year, Carrefour's annual report indicates, with €267 million in net profits flowing down into the Carrefour group. 

Carrefour shares were marked 2.34% higher in Paris, the biggest single-day gain since April 24, and changing hands at €23.41 each by 16:00 CET. So far this year, the stock has advance around 2.13%, about half the advance recorded in the Stoxx Europe 600 Retail index.