US retail giant Wal-Mart has launched a follow-up tender for the remaining 1.7% stake in Chile’s largest food retailer Distribucion y Servicio D&S.
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The tender offer is expected to be launched “on or before” 24 February, the company said in a statement, and the price will be US$0.408 per common share and $24.48 per American Depository Share (ADS).
The company said the New York Stock Exchange had suspended trade in D&S given the very low volume of shares now held by the public and plans to delist the firm’s ADS’s, meaning D&S shares will only trade on the Santiago Stock Exchange.
Last week, Wal-Mart acquired a 58.2% stake in the company, with Felipe Ibanez Scott and Nicolas Ibanez Scott collectively retaining around 40.1% of D&S shares.
D&S operates more than 180 outlets in the market, generating net revenues of US$3.8bn last year.
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By GlobalDataThe company runs a number of different formats including Hiper de Lider hypermarkets, Express de Lider supermarkets, Super Bodega Acuenta and Ekono convenience stores.
