Shareholders of Mexico's Soriana approve Comerci purchase
MONTERREY, Mexico, April 27 (Reuters) - Shareholders in Mexican supermarket chain Soriana have approved the purchase of assets from rival Comercial Mexicana for some 39.19 billion pesos ($2.55 billion) via a public offering, the company said on Monday.
Comercial Mexicana, known locally as Comerci, said in January the sale of 160 stores, including the low-price Mega and Bodega Comercial Mexicana formats, would let it focus on its other brands where it saw greater growth opportunities.
According to the deal, Comerci, will be left with just 40 stores, maintaining its upmarket, higher-margin retail formats such as City Market, and some other assets.
It will spin off those assets into a new company, allowing Soriana to make an offer to buy the rest of Comerci, subject to competition and stock exchange approvals.
Soriana's shareholders also approved the issuance of new debt to fund the operation, the company said. ($1 = 15.3747 Mexican pesos) (Reporting by Gabriela Lopez; Editing by Stephen Coates)
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