Cencosud Avances ADR Plan

Shareholders of Chilean retailer Cencosud have approved the setting of the price of shares to be offered abroad, according to a spokeswoman, a technical step in the previously announced plan to list ADRs. The share issue will be used to finance the company’s growth, and would come under a $2bn total capital increase approved last year. The firm now has 120 days to set the price, the spokeswoman says. There have been no details yet released for the New York sale. JPMorgan and UBS are heard to have the mandate, with Santander and BBVA expected to work on the local portion.