Cencosud to Acquire Retailer

Cencosud has signed a letter of intent to acquire 85.58% of fellow Chilean retailer Johnson’s for about $99.3m. A deal, once approved and finalized, would add Johnson’s retail stores that target middle and lower income customers, giving Cencosud greater access to this segment of the population. Johnson’s, owned by the Calderon family, recently said it owed the government more than $100m in taxes.