Mexican bottler Arca to pay $400 mln for Tonicorp purchase
MEXICO CITY, March 18
MEXICO CITY, March 18 (Reuters) - Mexican bottler Arca Continental said on Tuesday it will pay $5.55 a share in its purchase of Ecuador's Tonicorp dairy company in a deal worth around $400 million.
Arca said that its local subsidiary Arca Ecuador would purchase 87.37 percent of Tonicorp shares in the hands of controlling shareholders, and that it would launch a public offering to acquire those belonging to minority shareholders.
Arca announced last August that it had come to an agreement to buy the majority stake of Tonicorp without giving details on the size of the deal. The acquisition is subject to regulatory approval, Arca said.
Arca shares were up 0.81 percent at 75.07 pesos ($5.69) per share in early trading.
- Exclusive: Angry with Washington, 1 in 4 Americans open to secession
- Scots spurn independence in historic vote, nationalist leader resigns |
- Eight bodies found after attack on Guinea Ebola education team
- Alibaba surges on massive demand in trading debut |
- Special Report: Scotland stays in UK, but Britain faces change