• CONTROL: Mexican bottling and retail multinational Femsa announced it will become the sole shareholder of Chilean drugstore operator Socofar after reaching an agreement to buy the remaining 40% of the company with operations in Chile, Colombia and Ecuador.
• PRICE: With Socofar valued at USD 998 million back in 2015 when it acquired its original 60% share, the total amount Femsa will pay was not disclosed yet as it is still pending due to currency exchange adjustements; Socofar runs 1,600 drugstores in Latin America.
• DRUGSTORES: “This news was feasible when considering Femsa’s greater focus on the pharmacy sector…It’s important to mention that its Health Division (drugstores) has been one of the most active in the last 5 years”, said Grupo Monex of the new transaction.
• TENSION: Femsa’s agreement to buy the remaining 40% puts an end to a tense relationship with its minority shareholder -businessman Guillermo Harding- with whom had engaged in a series of legal fights in Chilean courts derived from the original 2015 purchase.
