Soriana agrees to buy Comercial Mexicana by 39.194 mdp

» Soriana agrees to buy Comercial Mexicana by 39.194 mdp

Acquisition includes business and operation of 160 Mega supermarkets formats own and rented, Tiendas Comercial Mexicana, Bodega Comercial Mexicana and Alprecio, but were left out City Market, Fresko, Sumesa and some other stores, said 'La Comer' in a statement sent Wednesday to the Mexican Stock Exchange.

As part of the agreement Soriana will acquire through a public offering shares of a group of companies which operate 118 stores, leasing contracts with thirds correspond to 42 stores, three distribution centers, 18 land reserves and other real estate.

"This transaction provides for integration of nearly 21,300 employees Soriana team", said controller Comercial Mexicana (Comerci) in the text.

Comerci said that current shareholders will retain ownership of a group of companies which operate 40 stores, a distribution center, two territorial reserves, Restaurants California and other real estate.

The Comer said that this transaction will give her the opportunity to focus on business formats where exists greater opportunity for growth and profitability.

To complete transaction in compliance with applicable laws and in accordance with contractually agreed with Soriana, Comerci will hold a split of the businesses described, resulting in the creation of two companies whose shares are listed on the Mexican Stock Exchange.

Subsequently, once the relevant government approvals are obtained, Soriana will launch a takeover bid through the Mexican Stock Exchange for the actions of Comerci.

Transaction closing is subject to certain conditions, corporate approvals and consent of Federal Competition Commission and stock exchange authorities.

Source: http://www.cnnexpansion.com/negocios/2015/01/28/soriana-compra-comercial-mexicana-por-39194-mdp

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