Éxito Raises The Stake

Colombia’s leading retailer, Almacenes Éxito, which announced just days ago it had agreed to buy a 19.8% stake in rival Vivero Carulla for $110.5 million, may buy up to 77.5% of the company. Éxito says it will finance the acquisition via a bank loan for up to $300 million, a share offering of 24.7 million common shares at $4.44 per share, and its own funds. Éxito is owned by local conglomerate Grupo Empresarial Antioqueño (GEA) and French company Casino.