EconomyGrupo Sanborns shares soar 9% after the announcement of...

Grupo Sanborns shares soar 9% after the announcement of its takeover bid

Shares in departmental retail chain Sanborns, owned by the family of tycoon Carlos Slim, soared after its parent company Grupo Carso announced plans to launch a takeover bid for all of its outstanding shares.

Grupo Sanborns papers gained 9.09% at 24 pesos, to reach their highest price since the beginning of the year.

The Slim family company has a low market share, meaning that its shares are not bought or sold as often and its daily movement is almost nil.

Yesterday afternoon, Grupo Carso reported that it will begin the process of purchasing shares that it does not yet own from Sanborns. Currently, the group owns 86.7% of the shares of Sanborns.

The purchase of the shares will allow the company to cancel its listing on the Mexican stock market. An action taken "because that was convenient for the interests of Grupo Sanborns," a company source told Expansión.

Carso reported that the available titles of Grupo Sanborns, which has a market value of 53,927 million pesos, will be purchased at 26 pesos, a plan that the shareholders approved on Monday, and that implies a price 8% higher than what is listed now.

Grupo Sanborns, which includes Sears, Sanborns, Dax and Saks Fifth AvenueSaks Fifth Avenue stores, joins other companies such as Grupo Lala, Bachoco, Biopapel and Aeroméxico, which have announced their intention to stop trading on the Mexican market.

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