Alvaro Saieh has bought into Ripley, acquiring a 5% stake 95 days ahead of the deadline he and the Calderon family had thrashed out not so long ago (early May 2009). The owner and controller of the supermarket chain SMU and also the financial group Corpbanca, Saieh is still negotiating his entry into the controlling shareholders' pact regarding the retail chain Ripley. He has spent US$44.3mil on the stake and can buy a further 15% of Ripley from Marcelo Calderon before the end of November. If the option is taken up, Calderon will receive US$178mil for a 20% stake (until yesterday, he owned 42% of Ripley); if Saieh is also welcomed into the pact before December, Calderon will receive US$198mil for the stake.
Publication: SABI - Business News
Provider: South American Business Information
September 1, 2009
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