Mexico’s Grupo Carso offers to buy Sanborns outstanding shares

People walk past a branch of retailer Sanborns in Mexico City February 8, 2013. REUTERS/Tomas Bravo (MEXICO – Tags: BUSINESS)

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MEXICO CITY, July 26 (Reuters) – Mexican group Grupo Carso, controlled by billionaire Carlos Slim’s family, will begin the process of buying shares in the Sanborns department store retail unit it does not already own, the company announced in a statement on Tuesday. .

The purchase of the shares will allow the retail subsidiary to delist from the Mexican stock exchange, in line with company interests, a spokesperson told Reuters.

Carso said available Grupo Sanborns shares will be purchased for 26 pesos ($1.27) per share, a plan Carso shareholders approved on Monday, according to the statement.

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Shares of Sanborns closed Tuesday at 22 pesos on the Mexican exchange.

The Slim family already owns 87% of Grupo Sanborns, which also operates Sears department stores in Mexico and El Salvador, while Slim’s Inbursa bank owns another 6.7%, according to Refinitiv Eikon data.

The market capitalization of Grupo Sanborns is approximately 50 billion pesos ($2.44 billion).

In Mexico, the Sanborns chain and Sears stores are high-end retailers.

($1 = 20.4539 Mexican pesos)

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Reporting by Carolina Pulice and Kylie Madry; Editing by David Alire Garcia and Leslie Adler

Our standards: The Thomson Reuters Trust Principles.

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