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COSTA RICA |
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Walmart Stores Soon To Be In The Hands of
Mexicans
The supermarkets in Costa Rica - Palí,
Más x Menos, Hipermás and Maxi Bodega - all
owned and operated by Walmart Centroamerica,
the local division of Wal-Mart Stores, Inc.,
will soon be in the hands of the Mexican
group, Wal-Mart Mexico (Walmex), who bought
100% of the shares of the Central American
group.
The transaction is reported to have cost the
Mexicans us$110 million dollars in cash and
would issue around 593 million new shares to
compensate minority investors in the Central
America retail chain who agreed to be paid
in shares.
Walmex is Mexico's top retailer and Latin
America’s largest retailer.
In addition to the Costa Rican stores,
Walmart Central America, operates stores in
Guatemala, El Salvadorl and Honduras, with a
total of 519 stores in the region.
Wal-Mart Stores Inc. owns 51% of Walmart
Centroamerica, with the remainder in the
hands of local investors and the deal gives
it control in Central America as the US
company also has a majority share of Walmex.
Wal-Mart Stores Inc. also owns two-thirds of
Walmex.
Walmex President and Chief Executive Officer
Eduardo Solorzano said the purchase will add
"additional growth opportunities".
“The support of Wal-Mart Stores, Inc. to
this deal is a sign of confidence in the
leadership of our company, and in the value
creation that this will represent for
consumers in Mexico and Central America as
well as Walmart de Mexico shareholders,”
Solorzano said in the statement.
The Mexico City-based company will present
the purchase to shareholders for approval at
a Dec. 22 meeting. |
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