COLOMBIA: Exito takes 20% stake in Carulla
Leading Colombian retailer Almacenes Exito is to acquire up to 19.8% of the remaining shares in its closest rival, Carulla Vivero.
The transaction will be concluded on the basis of US$15.79 per share through a public tender offer, according to a statement from Exito today (Tuesday).
Exito last month reported an 83.6% rise in net profits in the first half of the year versus the year-ago period to $10.48m.
Carulla's existing shareholders have shown support for the Exito bid, putting it ahead of approaches from multinationals including Carrefour, Wal-Mart and Cencosud, Miguel Cuadros, Carulla's chief financial officer, told Dow Jones Newswires.
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