Gigante sale to Soriana approved
From Times Wire Services
Mexican retailer Gigante’s shareholders approved a deal to sell the company to its larger rival Soriana for $1.35 billion.
Soriana, Mexico’s No. 2 retailer, said this month that it was buying more than 200 stores from Gigante, the fourth-largest player in Mexican retail. Soriana also will buy seven outlets in Los Angeles from Gigante, tapping the U.S. market for the first time.
With the acquisitions, Soriana will approach the scale of market leader Wal-Mart de Mexico and will gain more negotiating power with suppliers.
