Date: Thursday 14 Jun 2012
US retail chain Costco Wholesale is buying the other half of its Costco Mexico division from Controladora Comercial Mexicana (CCM).
Costco will pay $760m for the 50% stake.
At the same time, Costco Mexico announced a cash dividend of $340m dollars, which will be evenly split between the two partners. The US company will use the dividend and cash balances to pay for the acquisition.
Costco currently operates 602 large surface stores, 32 of which are located in Mexico. The group plans to open six new stores before the end of its fiscal year 2012, which ends in September.
By 16:40, shares of Costco were up +2.3% to $89.49.
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