Chilean supermarket group Cencosud has reportedly bought smaller rival Supermercados Montecarlo for US$78.5m from its controlling family.
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“With the acquisition, Cencosud consolidates its competitive position in the (Santiago) metropolitan area, acquiring presence in sectors where it previously wasn’t,” the company was quoted by Dow Jones News as saying.
Montecarlo operates 14 stores and had sales of $175m last year, excluding value added tax. Before the acquisition Cencosud had 22 Jumbo hypermarkets and 73 Santa Isabel and Las Brisas supermarkets.
