A PYMNTS Company

Mexico: Soriana accepts regulator’s conditions on merger with rival

By  |  October 13, 2015

Soriana’s shareholders have accepted the conditions imposed by Mexico’s Federal Competition Commission (COFECE) in order to complete the supermarket chain’s purchase of rival Controladora Comercial Mexicana.

COFECE had demanded that Soriana should abstain from buying Comercial Mexicana’s stores in 27 points, arguing concerns over possible risks to local competition that could reasonably lead to a hike in prices, hurting consumers.

The acquisition involves 160 self-service supermarkets of the Mega, Comercial Mexicana, Bodega Comercial Mexicana and Alprecio brands, but excluding luxury chains City Market, Fresko and Sumesa. With the company’s approval, the following days will see legal procedures started for the launch of a Public Offering of up to 100% of Controladora Comercial Mexicana’s capital shares.

Source: CNN Expansión

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.