Mexico's Comerci calls shareholder meeting over spin-off to Soriana
MONTERREY, Mexico, June 17 (Reuters) - Mexican retailer Comercial Mexicana (Comerci) on Wednesday called a shareholder meeting for next month to discuss a proposal to divide the company as part of an asset sale to its rival Soriana.
In April, shareholders of Soriana approved the purchase of Comerci assets, including most of its stores, for 39.19 billion pesos ($2.55 billion).
Comerci said the deal would allow the company to focus on other brands where it saw greater growth potential.
Under the deal, Comerci would be left with 40 stores, and the retailer said the shareholder meeting on July 2 would start the process of hiving off those assets into a new company.
The new company, which could be listed on the stock exchange, will operate the stores under the City Market, Fresko, Sumesa brand names, among others.
Following the spin-off, and once the necessary authorization has been granted, Soriana would launch an offer of 36.09 pesos per Comerci share and acquire its rival's assets, including 160 stores, 3 distribution centers and 18 territorial reserves. ($1 = 15.3830 Mexican pesos) (Reporting by Gabriela Lopez; Editing by Grant McCool)
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