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 Business News | December 2007 
Mexico's Soriana to Buy Gigante Stores
 Reuters
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Mexico City - Mexican retailer Soriana (SORIANAB.MX) said on Thursday it was buying more than 200 Mexican and U.S. stores from supermarket operator Gigante (GIGANTE.MX), sending Gigante shares up 14 percent.
Soriana, Mexico's No. 2 retail group, said it had an agreement to buy the operations of 199 Gigante stores in Mexico and seven units in Los Angeles, about 75 percent of Gigante's existing stores.
Soriana, which did not say how much it would pay, was not immediately available for comment.
Shares in Gigante, which had said recently it wanted to sell chunks of its business, skyrocketed 14 percent to 28.50 pesos. Soriana shares fell 0.35 percent to 31.60 pesos.
Soriana said in a statement the store acquisitions included inventory, operating equipment, software and a dozen distribution centers across Mexico.
It said the deal would boost its installed sales floor capacity by more than 47 percent. About a quarter of the stores it was taking over were in the Mexico City area. (Reporting by Catherine Bremer; editing by Steve Orlofsky) |
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