Almacenes Exito, Colombia’s biggest publicly traded retailer, has raised $1.3 billion through a sale of new shares, Reuters reports. The company, controlled by France’s Casino Guichard Perrachon, will use the proceeds to help finance acquisitions in Uruguay and move into other Latin American markets. The company will use some of the capital to pay for its planned $746 million purchase of majority stakes in Uruguayan retail chains Devoto and Disco. The stock offer was extended first to shareholders, including Casino.
Click here for the story from Reuters.