Organizacion Soriana SAB rose to a two-week high after the supermarket operator agreed to buy most of rival Controladora Comercial Mexicana SAB’s stores for 39.2 billion pesos ($2.6 billion).
Soriana climbed 1.7 per cent to 37.9 pesos at 8:54 a.m. in Mexico City stock trading, the highest intraday level since 15 January for the Monterrey-based retailer. Mexico City-based Comercial Mexicana fell 1.7 per cent to 48.3 pesos.
The agreement, announced late Wednesday, includes the transfer of 160 stores, real-estate assets and rights to use some brands and promotional campaigns, the companies said in a joint statement.
The sale is subject to corporate and regulatory approvals, the companies said.
Bloomberg News, edited by ESM
ADVERTISEMENT
