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.