Cencosud Offers $271 Million For 25% Of Exito

One of Chile’s largest retailers, Cencosud, has acquired a 24.5% stake in Colombia’s largest supermarket chain Exito for $271 million. The Chilean company offered to buy 51.2 million shares from investor Grupo Toro, at 12,500 Colombian pesos a share. Grupo Toro has to give other Exito shareholders 90 days the option to buy the shares before it can sell them to Cencosud.