CARSO ACQUIRES MORE OF SEARS DE MEXICO
NEW YORK — Grupo Carso SA, a diversified holding company based in Mexico City, purchased an additional 7 percent of Sears de Mexico SA Tuesday, raising its stake in the retailer to 67 percent.
The move is part of Grupo Carso’s plan to eventually own 85 percent of Sears de Mexico, a spokeswoman for the Mexican concern said. Carso bought the additional 5.28 million shares from Goldman Sachs for $12.1 million, or $2.29 per share.
On Monday, Carso acquired 45 million Sears de Mexico shares, or 60 percent of the retailer, for $103 million, also about $2.29 a share, completing an agreement announced April 2. When announcing the planned sale of the shares, Sears, Roebuck & Co. noted that the price per share represented a 40 percent premium over the recent market price.
The deal included a proposal by Carso to eventually buy the remaining 25 percent of Sears de Mexico shares trading on the open market. Sears plans to retain its 15 percent stake in the Mexico business.
Grupo Carso on Tuesday submitted a request to Mexico’s National Banking and Securities Commission to issue a tender offer for all outstanding Sears de Mexico shares at $2.29 apiece, the spokeswoman said. If enough investors take up Carso’s offer, the company will move to delist Sears from the Mexico Stock Exchange. Carso expects to receive authorization to place the tender from Mexico’s National Banking and Securities Commission in about 10 days.