August 18, 2004- Santiago, Chile.
Quiñenco S.A. (LQ:NYSE) reported to the Chilean Superintendency of Securities and Insurance (SVS) today that it had entered into an agreement to purchase 68,489,407 shares of Almacenes Paris, one of Chile’s largest retail department store chains.
The shares, which are traded on the Santiago Stock Exchange (Paris), are being acquired from Inmobiliaria e Inversiones Aconcagua S.A., an investment company owned by the Galmez family, for Ch$514 per share. The terms of the agreement provide for the share acquisition and payment thereof, on or before October 14, 2004.
Following the acquisition, which is currently valued at approximately Ch$35,204 million (equivalent to approximately US$55.4 million), Quiñenco or a wholly-owned subsidiary will hold an 11.41% interest in Almacenes Paris.
Quiñenco S.A., a leading Chilean business conglomerate, is the controlling entity of a portfolio of companies involved in financial services, food and beverage, telecommunications and manufacturing.