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 Business News | December 2007 
Shareholders of Mexico's Gigante OK Sale to Rival
 Veronica Gomez Sparrowe - Reuters
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Mexico City - Mexican retailer Gigante's shareholders approved a deal on Monday to sell the company to its larger rival Soriana for $1.35 billion.
Soriana, Mexico's No. 2 retailer, said earlier this month it was buying more than 200 stores from Gigante (GIGANTE.MX), the fourth-largest player in Mexican retail.
Soriana (SORIANAB.MX) also will buy seven outlets in Los Angeles from Gigante, tapping the U.S. market for the first time.
Gigante's shareholders voted to back the deal at a meeting on Monday, the company said in a statement to Mexico's stock exchange.
With the acquisitions, Soriana will approach the scale of market leader Wal-Mart de Mexico (Walmex) (WALMEXV.MX) and will gain more negotiating power with suppliers.
(Editing by Maureen Bavdek) |
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