Exito Opens Share Sale

Colombia’s largest food retailer, Almacenes Exito, began selling shares on Monday to raise an estimated $117 million. Exito is selling 24.7 million shares, representing 11.8% of the company’s capital to help finance the acquisition of local rival Carulla Vivero, which it 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.