French retailer Casino Guichard-Perrachon says it will keep controlling interest in Almacenes Exito, after Columbian retail leader receives regulatory approval for US$1.4B stock sale

Los Angeles , September 7, 2011 () – French retailer Casino Guichard-Perrachon SA said Monday it would keep its controlling interest in Almacenes Exito SA, after the top Colombian retailer received regulatory approval for a US$1.4 billion stock sale, The Wall Street Journal reported Sept. 5.

Casino owns a 54.8% stake in Exito, which in turn controls 54% of Colombia’s formal retail market and which announced the stock sale on Sept. 5. The company will use revenue from the sale to enter Uruguay and other markets, said Exito.

In June, Exito said it would acquire two Uruguayan retail chains for $746 million. The two chains are expected to earn $770 million in sales this year.

The primary source of this article is The Wall Street Journal, New York, New York, on Sept. 5, 2011.

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