Exito Approves Share Offering

The board of Colombia’s largest food retailer, Almacenes Exito, has approved a share offering worth almost $117 million. Exito will sell 24.7 million shares, representing 11.8% of the company’s capital. The money raised will go towards financing the acquisition of local rival Carulla Vivero, which Exito agreed to buy last year for $433 million. Last month, the company secured a loan worth $300 million arranged via a group of foreign banks led by JPMorgan Chase.